The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Robert Gist (CRD#716088, Registered Representative, Atlanta, Georgia-not currently registered with FINRA, previously registered with Resource Horizons Group, LLC) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Gist consented to the described sanction and to the entry of findings that he misappropriated several million dollars from his customers.
The findings stated that in order to carry out the scheme, Gist misrepresented to these customers that he would invest their money in securities positions. Instead, Gist invested the customers’ funds in a company hecofounded. In furtherance of the scheme, Gist created and sent accountstatements with wholly fictitious securities positions to his customersevery six months. The findings also stated that Gist perpetuated the scheme by selling units of the company he owned, or used other investors’ funds, in order to make periodic payments to his customers.
By virtue of his conduct, Gist willfully violated Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder, FINRA Rules 2010, 2020 and 2150(a), and NASD Rules 2110, 2120 and 3110(a). (FINRA Case #2013036772901)
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have 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.
561 391 1900