If you suffered losses investing with Robert A. Gist (“Bob” Gist), the securities attorneys of The White Law Group may be able to help you recover your investment losses.
According to the Securities and Exchange Commission’s (SEC) press release, Robert Gist is facing securities fraud charges alleging he defrauded at least $5.4 million from investors. Beginning in as early as 2001, Gist is accused of misappropriating investors money by promising to invest funds in low risk corporate bonds, stocks, and money market funds, when in actuality he deposited the money into a bank account associated with his law firm, Gist, Kennedy & Associates. Gist allegedly used the funds for personal expenses and to pay purported dividends to investors. To conceal his scheme, Gist allegedly created fraudulent account statements to send to clients. In addition, it is alleged that Gist diverted approximately $2.2 million into ENCAP Technologies LLC, while he served as CEO.
According to the SEC’s complaint filed in the U.S. District Court for the Northern District of Georgia (here), Gist is also accused of misappropriating funds from as many as 32 investors, including former professional athletes and their families. While associated with a registered-broker dealer, Gist convinced as many as 20 clients to transfer their accounts to Gist Kennedy, in addition to recruiting a dozen new investors.
Gist’s FINRA BrokerCheck report indicates that he is permanently bared from working in the securities industry as part of a settlement agreement. Without admitting or denying the allegations, Gist’s consent order states that he willfully violated section 10(B) of the Securities Exchange Act of 1934 which prohibits the sale or purchase of municipal securities by means “defined by the Commission to be included within the term “manipulative, deceptive, or other fraudulent device or contrivance.” Gist was registered with FINRA broker-dealer Resource Horizons Group from 03/2001-12/2011.
Broker-dealers have a legal responsibility to supervise their employees, including business activity conducted outside of the firm. When a broker, such as Gist, willfully violates securities law, the broker-dealer may be liable for negligent supervision and may be held responsible for investment losses.
If you suffered losses as a result of your dealings with Robert Gist and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, Securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.
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