George Robert Hunt (CRD #2568842, Registered Principal) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000, suspended from association with any FINRA member in any capacity for one year and ordered to pay $63,500, plus interest, in restitution to a customer. The suspension is in effect from February 4, 2013, through February 3, 2014. See FINRA Case #2012031960001. Hunt was registered with FINRA at Quest Capital Strategies, Inc., from August 2003 to March 2012.
Without admitting or denying the findings, Hunt consented to the described sanctions and to the entry of findings that he borrowed a total of $63,500 from a customer in a series of loans, with a promise to repay the loans at an annual interest rate of 12 percent, and that, to date, he has failed to repay any of the loans or the interest due to the customer. The findings stated that at the time of the loans from the customer, Hunt was aware of his member firm’s policies and procedures, which prohibited borrowing money from customers. Hunt also represented in annual compliance questionnaires that he had not borrowed any funds from customers. The findings also stated that on separate occasions, Hunt recommended that the customer liquidate securities in her firm account and use the proceeds to fund certain of the loans made to him. Hunt did not have a reasonable basis for recommending these transactions.
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