FINRA fined and suspended former Ausdal Financial Partners, Inc. broker David Glenn Gott for selling over $500,000 in private investments for an outside business activity without the firm's permission.
According to the report, Gott sold $546,000-worth of the private equity and debt investments in Gott Ice Cream LLC, an outside business activity Gott created to manufacture and distribute premium frozen custard under the brand name "David's Famous Gourmet Frozen Custard," located in Tipton, Iowa.
Although Gott properly sought and obtained permission from Ausdal Financial to participate in the outside business activity, he failed to provide the firm with written notice prior to securing the private investments, which is a violation of FINRA rules.
Gott's BrokerCheck report lists a history of several financial-related disclosures, including multiple financial compromises concerning "bad debt" and several tax liens.
This is Gott's second suspension in as many years. FINRA first suspended Gott from March 14 through May 31, 2016, for failing to respond to a FINRA request for information.
Gott left Ausdal Financial in October of 2015 and was formerly associated with Berthel, Fisher & Company Financial Services.
If you have invested with David Glenn Gott, formerly of Ausdal Financial Partners, or with any broker or financial adviser in private placements, equity or debt instruments related to unauthorized solicitations or sales in an outside business activity has proven harmful to your investments, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.