Jesse Gil, Formerly of Allstate Financial, Named Respondent in FINRA Complaint

Allegedly Converted Funds from Elderly Widow

Did you lose money investing with Jesse Gil? Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

Former Allstate Financial advisor Jesse Gil, (CRD#: 5188650) has been named as the respondent in a pending FINRA Enforcement Division complaint alleging conversion of funds, unethical conduct, failure to disclose outside business activities, and providing false or misleading information.

According to Gil’s FINRA BrokerCheck record, he has 12 years of industry experience with six firms, most recently with Allstate Financial Services of Corpus Christi, TX (2016–2019); Merrill Lynch, Pierce, Fenner & Smith of Corpus Christi, TX (2015–2016); Allstate Financial again from 2011–2015; and SWS Financial Services, also of Corpus Christi, for one year, in 2011.

Gil has three disclosures in his FINRA record, including an employment separation after allegations, the pending regulatory action, and an IRS tax lien from June 2019 for $68,153.

In a complaint filed on August 26, 2019, Gil was named as the respondent in a complaint alleging that from July to August 2016, while associated with Allstate, Gil converted approximately $2,500 from an 82-year-old widow whom he befriended at church who had asked him to help settle her husband’s financial matters.

The widow was never a brokerage client of Allstate or Merrill Lynch, but maintained bank accounts with Merrill Lynch’s affiliate, Bank of America.

According to the complaint, Gil also gained power of attorney over the widow at the time, without his member firm’s knowledge.

In August 2016, Gil received $850 from the widow for providing financial advice, a violation of firm policy.

FINRA commenced an investigation into Gil’s business activities after Gil was terminated by Merrill Lynch in May 2016. The complaint alleges that at that time Gil provided false statements to FINRA regarding receiving compensation from outside business activities.

According to the complaint, in June 2016 Gil induced the widow to provide him with access to her credit cards, telling her it was necessary in order for him to assist her.

Between July and August 2016, he used the woman’s credit cards for his personal expenses, totaling over $2,500. The woman reported the unauthorized charges to the bank.

These expenses reportedly included spa massages, sporting goods, airline baggage fees and foreign currency cash advances, as well as expenses incurred during an overseas trip to Spain with his wife.

According to Gil’s financial records, he was heavily in debt and had outstanding tax debts in the amount of $30,000 at the time.

FINRA hearing records state that, in violation of both Merrill Lynch and Allstate policy, Gil failed to disclose outside business activities, receipt of compensation, or the power of attorney he had over the widow.

He then allegedly provided false statements to both member firms and FINRA and failed to provide requested information to FINRA in regards to outside business activities.

According to the complaint, The Department of Enforcement is charging Gil with conversion of funds, unethical conduct, failure to disclose outside business activities, and providing false or misleading information, imposing monetary sanctions, and ordering that Gil bear all attorney costs.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.