Quest Capital Strategies discharged registered representative George R. Hunt after a firm client claimed that Hunt had borrowed money at 12% interest and failed to repay it. In January 2013 FINRA suspended Hunt for one year and required that Hunt make restitution to the customer. FINRA alleged that he had borrowed $63,500 and had not repaid any of the debt.
In addition, FINRA alleged that Hunt was aware of the policies of the firm prohibiting borrowing money from customers and that Hunt had represented in annual compliance questionnaires that he had not borrowed any funds from customers. In addition, on separate occasions Hunt recommended that the customer liquidate securities in her account with the firm and use the proceeds to fund some of the loans made to Hunt. According to FINRA, Hunt had no reasonable basis for recommending these transactions.
Hunt previously worked for LPL Financial (Linsco Private Ledger) and A.G. Edwards & Sons, Inc.
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