A group of investors from Resource Horizons Group, Atlanta, was awarded more than $4 million by the Financial Industry Regulatory Authority, Inc. (FINRA). Allegedly, Resource Horizons Group failed to meet regulatory net capital requirements.
Resource Horizons Group has approximately 220 brokers and financial advisors. The FINRA arbitration panel held the firm responsible for $3.5 million in investor losses suffered when a former broker at the firm allegedly used client funds for his personal use. This award included almost $1 million in punitive damages.
The arbitration related to ROBERT GIST (CRD# 716088), a broker at the firm who agreed in 2013, to pay to pay $5.4 million to settle charges from the SEC that he had converted around the same amount from at least 32 customers for personal use between 2003 and last year. Gist conducted the scheme and made false customer statements for clients through Gist, Kennedy & Associates Inc., an unregistered entity not affiliated with Resource Horizons, according to the SEC's complaint.
This case was filed on behalf of six client and a family trust who felt closer attention should have been paid to Gist, who according to FINRA's BrokerCheck, had several disputes and other disclosures on his record prior to being hired in 2001. Gist was barred by FINRA and the SEC.
When a firm falls below net capital requirements it is no longer allowed to do business and must direct customers to place orders directly with its clearing firm.
According to FINRA's BrokerCheck, Robert Gist was previously registered with FINRA at the following brokerage firms:
RESOURCE HORIZONS GROUP LLC
CRD# 104368
ATLANTA, GA
03/2001 - 12/2011
CENTENNIAL CAPITAL MANAGEMENT, INC.
CRD# 38988
ATLANTA, GA
11/1997 - 03/2001
CADARET, GRANT & CO., INC.
CRD# 10641
SYRAC-- USE, NY
07/1993 - 09/1997
If you experienced a financial loss due to Robert Gist, a former broker with Resource Horizons Group, call Soreide Law Group at (888) 760-6552 for a free consultation with an attorney.
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