FINRA recently announced that Michael Anthony Gist, formerly a financial advisor with Ameritas Investment Corp. in Highlands Ranch, Colorado , has been fined $15,000, ordered to pay $231,877.43, plus interest, in restitution to a customer and suspended from association with any FINRA member in any capacity for two years.

Without admitting or denying the allegations, Gist consented to the described sanctions and to the entry of findings that he recommended the purchase of variable universal life insurance policies (VULs) to customers, and, in connection with the recommendations and resulting transactions, made untrue statements of material fact and omitted material facts necessary to make the statements that he made, in light of the circumstances in which they were made, not misleading. The findings further stated that Gist made unsuitable recommendations and sales of VULs to customers and did not have a reasonable basis for believing that his recommendations were suitable in light of the customers’ financial situations and needs.

According to Michael Gist’s FINRA Broker Report (CRD), prior to working as financial advisor for Ameritas Investment Corp., he worked as a registered representative with The Advisors Group, Inc. (a FINRA broker-dealer based in Bethesda, Maryland ) and Sun Investment Services Company (a FINRA broker-dealer based in Wellesley Hills, Massachusetts ).

If you have questions about investments you made with Michael Anthony Gist, or Ameritas Investment Corp., or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney please call our Chicago office at 312-238-9650.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://whitesecuritieslaw.com.