{"id":3058,"date":"2015-01-14T00:00:00","date_gmt":"2015-01-14T05:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/finra-files-disciplinary-charges-against-global-strategic-investments-llc\/"},"modified":"2018-10-08T12:39:47","modified_gmt":"2018-10-08T16:39:47","slug":"finra-files-disciplinary-charges-against-global-strategic-investments-llc","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-files-disciplinary-charges-against-global-strategic-investments-llc\/","title":{"rendered":"FINRA Files Disciplinary Charges against Global Strategic Investments, LLC"},"content":{"rendered":"<p><p>Global Strategic Investments, LLC, of Miami, Florida, was named a respondent in a FINRA complaint alleging that it failed to investigate or report, where appropriate, unusual activity related to bond transactions and subsequent money transfers relating to a new business line. The FINRA complaint alleges that the firm launched a new business line that was immediately successful, facilitating currency exchanges through the liquidation of over $650 million worth of Venezuelan bonds for correspondent accounts of foreign financial institutions located in high-risk jurisdictions, Venezuela and Curacao. The firm failed to establish <a href=\"https:\/\/www.silverlaw.com\/failure-to-supervise.html\" target=\"_blank\">supervisory<\/a> policies and procedures that can be reasonably expected to detect and cause the reporting of transactions required under the law and failed to establish and implement policies, procedures, and internal controls reasonably designed to achieve compliance with the Bank Secrecy Act. The firm failed to identify red flags associated with the Venezuelan bond accounts, its two largest customers, and their anticipated activity, and failed to adjust its procedures to account for the high-risk nature of this new endeavor. Instead, the firm primarily relied upon its new clients\u2019 representations about the legitimacy of the transactions without further reasonable risk-based review to corroborate such representations. The firm\u2019s over-reliance upon the client\u2019s representations led to failures to detect red flags that should have required additional due diligence on the part of the firm. The firm did not have a sufficient infrastructure (policies, systems and procedures) to adequately monitor this business.\u00a0 The firm was or should have been aware of numerous red flags related to its customers\u2019 Venezuelan bond liquidations. (<a href=\"http:\/\/disciplinaryactions.finra.org\/viewdocument.aspx?DocNB=37514\" target=\"_blank\"><strong>FINRA Case #2011025676501<\/strong><\/a>)<\/p>\n<p><a href=\"https:\/\/www.silverlaw.com\/\" target=\"_blank\">Silver Law Group<\/a> represents investors in securities and investment fraud cases.\u00a0 Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to <a href=\"https:\/\/www.silverlaw.com\/stockbroker-misconduct.html\" target=\"_blank\">stockbroker misconduct<\/a>.\u00a0 If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Strategic Investments, LLC, of Miami, Florida, was named a respondent in a FINRA complaint alleging that it failed to investigate or report, where appropriate, unusual activity related to bond transactions and subsequent money transfers relating to a new business line. The FINRA complaint alleges that the firm launched a new business line that was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[607,580],"tags":[],"class_list":["post-3058","post","type-post","status-publish","format-standard","hentry","category-failure-to-supervise","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FINRA Files Disciplinary Charges against Global Strategic Investments, LLC &#8212; Securities Arbitration Lawyers Blog &#8212; January 14, 2015<\/title>\n<meta name=\"description\" content=\"Global Strategic Investments, LLC, of Miami, Florida, was named a respondent in a FINRA complaint alleging that it failed to investigate or report, where &#8212; January 14, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/finra-files-disciplinary-charges-against-global-strategic-investments-llc\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Files Disciplinary Charges against Global Strategic Investments, LLC &#8212; 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