Did you lose money investing with Kristian Gaudet (CRD# 4190811)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Kristian Gaudet. If you suffered losses investing with Kristian Gaudet, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of October 8, 2020, Kristian Gaudet’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
4 Customer Dispute(s)
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 10/08/2020: According to FINRA’s March 2019 Disciplinary Actions: “Kristian M. Gaudet (CRD #4190811, Larose, Louisiana) January 24, 2019 – An AWC was issued in which Gaudet was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Gaudet consented to the sanction and to the entry of findings that he refused to appear for and provide on-the-record testimony requested by FINRA related to a Form U5 his member firm filed stating that he was found to have utilized client funds for personal use upon conclusion of an internal investigation. (FINRA Case #2018060600901)
Current and Previous Registrations
10/31/2003 – 12/10/2018 AMERITAS INVESTMENT CORP. (CRD#:14869) CUT OFF, LA
01/30/2003 – 10/31/2003 THE ADVISORS GROUP, INC. (CRD#:14035) BETHESDA, MD
06/06/2000 – 12/31/2002 PRINCOR FINANCIAL SERVICES CORPORATION (CRD#:1137) DES MOINES, IA
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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