At one point in his life, Robert Gist served as NBA player Latrell Sprewell’s agent and attorney. He advised Speewell when apparel company And 1 offered the NBA player a role as endorser of the brand’s products. At first, Gist steered Sprewell away from the deal. Later, he would be by Sprewell’s side when the deal was signed.
Today, Gist leads a different life. His current life includes avoiding costly litigation. Specifically, a lawsuit filed by the Securities and Exchange Commission against Gist, which alleged that the lawyer/agent defrauded over 30 investors out of more than $5 million. That lawsuit has now been settled.
It is yet one more example of just how bad of an idea it is for an agent to get involved in the financial affairs of his clients. The allegations in the former lawsuit were that Gist promised athletes that he could make conservative investments for them. The first problem was that Gist was not licensed to sell securities. The more glaring issue was that Gist supposedly applied the funds he received to pay off his personal expenses and to support other business ventures.
