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The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct of former securities broker Kristian M. Gaudet. According to his publicly available FINRA BrokerCheck report, Kristian M. Gaudet was sanctioned by FINRA and terminated from a securities firm.

Kristian M. Gaudet was a Louisiana based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with three different securities firms.

His Registrations

  • Princor Financial Services Corporation (2000-2002)
  • The Advisors Group (2003)
  • Ameritas Investment Corp. (2003-2018)

The Allegations

  • Kristian M. Gaudet was terminated from his position at Ameritas Investment Corp. in December 2018. This termination followed an internal review completed by the member firm where it was determined that Gaudet converted customer funds for his own personal use. During a FINRA investigation into the matter, Gaudet allegedly failed to comply with said investigation. Due to his alleged failure to comply, he was barred by FINRA from acting as a securities broker in any fashion.
  • In July 2019, customers alleged that Gaudet engaged in fraud, made material misrepresentations about investments, and negligently failed to manage their account. This case was settled for $205,000 in damages.
  • In July 2019, customers alleged that they experienced losses due to unsuitable investments made by Gaudet. This case is currently pending, and the customers are seeking $538,500 in damages.
  • In October 2019, a customer alleged that Gaudet made material misrepresentations regarding investments and negligently failed to supervise their account. This case is currently pending, and the customer is seeking $100,000 in damages.

What Does This Mean?

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

Oakes & Fosher Can Help

Many investors are still unaware of the legal recourse available to them after losing money due to securities broker negligence or fraud. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in that fashion all across the nation. If you, or someone you know, have lost money investing with Kristian M. Gaudet, please contact Oakes & Fosher for a free and private consultation.