ATLANTA (AP) - Federal prosecutors say an Atlanta man has been sentenced to serve five years in prison after he stole $6.8 million through an investment fraud scheme.
Federal prosecutors said Tuesday that 66-year-old Robert A. Gist was also ordered to pay back the money and to serve three years of supervised release following his prison term. He pleaded guilty to mail fraud in August.
Prosecutors say Gist was a registered broker with more than 30 clients. He took funds from his clients and said he would make conservative investments in corporate bonds and other securities.
In reality, prosecutors say, he used the money to pay for personal expenses, to fund the operations of an industrial coating company and to pay false dividends to other clients. The victims lost all of their investments.
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