He is accused of stealing nearly $1 million in investment money from two clients, according to the sheriff's office. Gaudet also is accused of using client funds intended for insurance policies to instead buy real estate for himself. He operated two business in southern Lousiana: Kris Gaudet Insurance and Financial Services, and Winston Financial.
By last week, after eight more clients had come forward with similar stories, the number of charges had grown to 10 counts each of felony theft and money laundering, as well as racketeering and exploitation of the infirm.
While Gaudet's bail is set at $680,000, with the condition that he wear an ankle monitor if he posts bail, it was as high as $4.85 million at one point in February.
"The charges brought are all regarding investment fraud," said Lt. Brennan Matherne, public information officer for the sheriff's office.
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The day of Gaudet's arrest, his license was suspended and the Louisiana Department of Insurance issued a cease-and-desist order. In addition, the FBI is investigating.
Gaudet's attorney did not respond to a request for comment.
In a separate FINRA case involving another banned broker, bitcoin and an overseas U.S. fugitive played a central role in investors losing their money.
Daniel Todd Levine, of Englewood, Colorado, signed a letter with FINRA agreeing to the ban, neither admitting or denying guilt.
FINRA had been investigating allegations that Levine engaged in undisclosed outside business activities, solicited a customer to borrow funds for an outside business activity and executed unauthorized trades, among other alleged misconduct.