New Orleans Firm Censured and Fined Over Anti-Money Laudering Procedures in Sale of Penny-Stock Securities

Soreide Law Group, PLLC, (888) 760-6552, has obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, May, 2014.” The information has been condensed.

Global Hunter Securities, LLC (CRD #123003, New Orleans, Louisiana)
was censured and fined $35,000 for allegedly failing to establish anti-money laundering (AML) procedures. The AML procedures are designed to help detect, investigate and report, any suspicious activity involving receipts and sales of penny-stock securities.

FINRA's investigation found that the firm’s procedures allegedly did not address adequately how Global Hunter Securities' personnel should conduct their account monitoring or how the investigation of certain “red flag” activity should be conducted. Global Hunter's AML procedures, according to FINRA, did not adequately address issues which related to the receipt and sale of penny-stock securities. Also, FINRA reported, what due diligence should be conducted before permitting customers to sell these securities. FINRA felt that as a result of Global Hunter's deficiencies, their personnel did not adequately investigate the acquisitions by clients of the penny-stock shares they deposited and sold in their accounts at Global Hunter.

(FINRA Case #2012030381501)

This ends the summation of information given on FINRA's website.

If you purchased high-risk penny stocks on the recommendation of your stock broker/financial advisor and experienced losses, please contact Soreide Law Group at (888) 760-6552 for a free consultation.