Kris Gaudet Charged with Felony for Defrauding $1 Million from ClientsFriday, February 8, 2019
Former vice president of the Greater Lafourche Port Commission, Kristian “Kris” Gaudet, was arrested on January 31, 2019 and charged with two counts of felony theft for stealing nearly $1 million from his clients.
According to the Lafourche Parish Sheriff’s Office, Gaudet, who also owns Kris Gaudet Insurance and Financial Services, a local business in Cut Off, Louisiana, became the subject of an investigation when two customers found discrepancies in their records for a $350,000 investment made to Winston Financial, a company Gaudet registered in 2012. The couple feared other suspicious activity surrounding their investments with him.
Officials learned in the investigation that Gaudet provided false addresses and other information related to this company. When reviewing his financial records, officials found the couple’s check had been deposited in the Winston Financial account, where Gaudet transferred a majority of the funds into another account and used it “for purposes for which it was not intended,” according to the Sheriff’s Office.
The investigation uncovered other individuals who were defrauded by Gaudet, including one couple who thought they were investing with Gaudet, but he transferred a large portion of their funds to a personal account and later used it to purchase a home. Investigators believe he has been defrauding his customers since 2012.
According to his FINRA BrokerCheck report, Gaudet was most recently associated with Ameritas Investment Corp. (Ameritas) in Cut Off, Louisiana from October 2003 to December 2018. The firm discharged him for allegedly using client funds for personal use. Shortly thereafter, Gaudet signed a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) Department of Enforcement barring him from associating with any member firm in any and all capacities for refusing to provide on-the-record testimony regarding his termination with Ameritas.
Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you lost money due to Kris Gaudet’s alleged scheme, you may be able to recover from him or Ameritas Investment Corp., the brokerage firm where he was registered. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.