GLOBAL STRATEGIC INVESTMENTS, LLC (CRD# 117028 / SEC# 8-53580) headquartered in Miami, was fined $200,000 by FINRA for allegedly failing to conduct the proper due diligence when the firm opened accounts for two foreign banks to liquidate Venezuelan bonds.
According to FINRA, GLOBAL STRATEGIC INVESTMENTS sold over $650 million in Venezuelan bonds with the intention of facilitating currency exchanges beginning in November 2010. FINRA claims that GLOBAL STRATEGIC INVESTMENTS did not ask for enough information on the source of the bonds. GLOBAL STRATEGIC INVESTMENTS, according to FINRA, failed to identify the risk of money laundering with the Venezuelan Bonds and the high-risk nature. The firm did not have sufficient policies, systems and procedures to adequately monitor this activity.
Florida-based Soreide Law Group represents clients nationwide. If you experienced bond losses through your broker-dealer, call (888) 760-6552 for a free consultation on how to recover your investment losses.