Atlanta Broker Sentenced in $7 Million Mail Fraud Case

ATLANTA, GA -- An Atlanta broker was sentenced to five years in prison for defrauding investors of almost $7 million, the U.S. Attorney General John Horn announced Tuesday.

Federal prosecutors said Robert Gist, 66, mailed false account statements to his clients to put on a facade that he was investing conservatively across their respective portfolios. More than 30 clients invested more than $6.8 million with, according to a news release from the U.S. Attorney General.

Gist's imprisonment will be followed by three years of supervised release. He was also ordered to pay $6.8 million in restitution.

“People entrust investment advisors with their life’s savings -- funds that are critical for retirement or their children’s education -- and the sad truth is that there are crooks like Gist who steal these funds for their own benefit. We encourage investors to thoroughly check out investment opportunities and credentials before entrusting their savings to anyone,” said U.S. Attorney John Horn.

Gist is a former sports agent linked most notably to former NBA player Latrell Sprewell. Gist was Sprewell's general counsel when the player was fighting to get back into the league after choking coach P.J. Carlesimo in 1997.

In 2013, Gist had ran afoul of the Securities Exchange Commission for allegedly defrauding investors out of $5.4 million. The sides reportedly settled as Gist went on to run the law firm Gist Kennedy & Associates on Paces Ferry Road in Atlanta.

Gist pleaded guilty in August to mail fraud for misusing $5 million in investors’ money.