Jim Gibbons has signed on as chief deputy and director of business services in the office of Secretary-of-State-elect Matt Schultz. The former Iowa State wrestling coach brings some unusual credentials to the job.
Credential No. 1: Gibbons worked for Edward D. Jones & Co., the brokerage house, from April 23,1996, until August 6, 2004, when he resigned without notice and, according to court documents, "immediately joined a competitor," Wachovia Securities. According to a lawsuit filed against him by Jones, Gibbons, "while still employed by Edward Jones, conspired with Wachovia to wrongfully convert Edward Jones' records and to secretly divert Edward Jones' customers to Wachovia," which allegedly violated the terms of his employment contract. Neither Gibbons nor his attorney showed up for a court hearing, and on Sept. 21, 2004, the Dallas County district court found that Gibbons "has breached and continues to breach" his contract with Jones, and the court "enjoined and restrained" him from using Jones records or soliciting Jones customers. Perhaps because of a settlement, the case was dismissed two-and-a-half years later.
Credential No. 2: In 2009, the estate of Lester D. Gardiner Sr. sued Gibbons and others for negligence and breach of duty, saying that Gibbons "knew or should have known" that two aged clients of his "were not competent" to change the beneficiary on an account at Jones with $200,000 in cash and securities. The "dementia and confusion were obvious to persons having contact with them," the suit notes. The suit was part of a family dispute. It appears to have been settled without further court action. [...]
[Gibbons] showed interest in returning to Iowa State as coach in 2009, following Cael Sanderson's widely lamented decision to quit and go to Penn State, but by then he had some detractors. Among them was former ISU wrestler Frank Santana of 7 Flags fitness in Clive. In a long and widely circulated e-mail to Gibbons (with a copy to ISU athletic director Jamie Pollard), Santana cited "five reasons we cannot support you in your quest for this position." Among them:
"Your actions taken toward the former ISU wrestling alumni upon your first ISU coaching go-around made you a divisive and polarizing figure within the ISU wrestling family and gave clear evidence of your lack of the appropriate personal and business maturity. We see nothing in your recruiting and coaching record...which merits another consideration...."
Playing up his wrestling career in his Congressional campaign could have backfired if enemies within "the ISU wrestling family" had come out against Gibbons.