SEC Bars Former Metlife Broker Imprisoned for Mail Fraud
The Securities and Exchange Commission has barred former Metlife Securities broker John Austin Gibson Jr. who plead guilty and was convicted of mail fraud in July 2016.
The Securities and Exchange Commission has barred former Metlife Securities broker John Austin Gibson Jr. who plead guilty and was convicted of mail fraud in July 2016.
Gibson was associated with MetLife, a dually-registered broker-dealer and investment adviser, from October 2007 until March 2009 when he resigned after issues were raised pertaining to certain signature irregularities. Thereafter, he continued to act as an unregistered investment adviser.
In his plea agreement, Gibson admitted that between 2008 through 2014, he held himself out to investors as a MetLife representative capable of establishing and monitoring investment accounts with the firm.
Gibson solicited and accepted approximately $169,348 from five investors, and instead of investing his clients’ money, he used the funds for personal expenses. Gibson mailed his victims various false and fraudulent account statements, as well as checks and money orders for “withdrawals” from the non-existent accounts.
In March 2017, he was sentenced to 18 months imprisonment with three years of supervised release and ordered to pay restitution of nearly $213,600.
