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A Cut Off business owner and former local politician is accused of taking nearly $1 million from clients since 2017, according to the Lafourche Parish Sheriff’s Office.
LPSO said on Thursday night that Kristian ‘Kris’ Gaudet, 45, is charged with two counts of felony theft with the investigation still ongoing.
Gaudet is the owner of Kris Gaudet Insurance and Financial Services. He is also a former Port Commissioner for the Greater Lafourche Port Commission. LPSO, combined with the FBI, Louisiana Attorney General Jeff Landry and the Fraud Division of the Louisiana Department of Insurance, have found evidence revealing the theft, which they say has been occurring since 2017.
Authorities began an investigation in late 2018 when a couple from Cut Off became suspicious of their investments with Gaudet.
They told authorities they found discrepancies in the documentation for an investment of $350,000 made to “Winston Financial,” which was found to have been registered in Louisiana by Gaudet in 2012.
Detectives learned Gaudet had provided false addresses and other information for the company. Authorities obtained a search warrant for Gaudet’s financial records and found the couple’s check was deposited into the Winston Financial account in August 2017. A few days later, Gaudet transferred a majority of the deposit to another account for which he was the primary account holder. The money was then used for purposes that were not intended.
As the investigation continued, detectives discovered another instance in May 2018 in which another couple had invested money with Gaudet – who then allegedly transferred a bulk of that investment to another account. In that instance, Gaudet used the money allegedly to purchase a residence in Larose. Detectives, upon learning this, obtained warrants for Gaudet’s arrest.
On Jan. 31, 2019, authorities made contact with Gaudet and arrested him on the warrants.
He was taken to the Lafourche Parish Correctional Complex on two counts of felony theft. Bond is set at $1 million.
Authorities say the investigation has revealed several other transactions wherein Gaudet frequently acquired and used money for personal gain from accounts intended for client investments.
Detectives have found that since 2017, Gaudet allegedly used about $1 million for personal gain, which was intended for client investments.
In coordination with the FBI, detectives have also learned that Gaudet allegedly used money that clients paid for insurance to purchase real estate for himself – actions that may stem back to as far as 2012.
According to the Louisiana Department of Insurance, Gaudet has been issued an official Cease and Desist notice and his Louisiana license has been suspended.
Department officials have notified the Financial Industry Regulatory Authority (FINRA) of the investigation. As a result, Gaudet is barred from having any association with any financial agency associated with FINRA.
Detectives are asking anyone who has made an investment with Gaudet since 2012 to come forward if the investment has not been returned.
Anyone with insurance policies obtained through Gaudet is asked to contact their primary insurer listed on documents to ensure the account is still in good standing.
Anyone with discrepancies is asked to call LPSO at (985) 532-4320.
