According to FINRA, Timothy Francis Dufresne (CRD #3237322, Bamberg, South Carolina) recently submitted an AWC in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Dufresne consented to the sanction and to the entry of findings that he allegedly converted at least $400,000 from customers by improperly obtaining distributions of funds from the customers’ variable annuities, depositing the funds in his business account, and using the funds for his own benefit without the customers’ authorization. The findings further stated that Dufresne allegedly obtained, through distribution request forms, checks totaling more than $400,000 from customers’ variable annuity accounts. Thereafter, he reportedly endorsed each check and deposited the funds into his business account.
For the full FINRA findings, see FINRA Case #2016049412601.
According to his FINRA BrokerCheck, Dufresne was registered with Sagepoint Financial from 10/2008 – 03/2016.
The foregoing information, which is all available on the FINRA website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm and its representation of investors in claims against brokerage firms, visit https://whitesecuritieslaw.com.
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Tags: Timothy Francis Dufresne Bamberg, Timothy Francis Dufresne financial advisor, Timothy Francis Dufresne FINRA bar, Timothy Francis Dufresne FINRA investigation, Timothy Francis Dufresne investment advisor, Timothy Francis Dufresne Sagepoint Last modified: June 16, 2016