Update on Securities Fraud Investigation – Victor Dandridge III
According to reports, former financial advisor Victor Dandridge III of Charlottesville, VA was sentenced November 10 to seven years in federal prison for allegedly bilking his best friend’s widow, defrauding a Virginia bank and stealing from his fraternity.
Dandridge received an 84-month sentence from Judge Henry Hudson after pleading guilty to two counts of wire fraud and one count of bank fraud. The charges were related to a 10-year scheme that Dandridge allegedly stole at least $3 million from Lynne Kinder and her family.
According to reports, Dandridge, 53, reportedly also admitted to federal investigators to defrauding his fraternity, Virginia Omnicron Chapter House associated with Sigma Alpha Epsilon in Charlottesville. Additionally, he was charged with defrauding Blue Ridge Bank in Luray, Virginia.
Dandridge’s attorney reportedly argued for 12 months in prison and 11 years of supervised released, but Dandridge was hit with 84 months. Federal prosecutors had requested 87 months.
Mr. Kinder and Dandrige were lifelong friends, having grown up together in Roanoke, Virginia. After Kinder passed in 2005 leaving more than $6 million for his wife and two daughters, Dandridge began managing Mrs. Kinder’s money.
According to his FINRA BrokerCheck report, Dandridge was registered with Thompson Davis & Co. in Richmond, VA from February 2012 until July 2016. FINRA barred Dandridge from the securities industry in November 2017.
On February 8, 2018, the US Securities and Exchange Commission also barred Dandridge “from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.”
Dandridge, who was also in the midst of personal bankruptcy, was ordered to pay $3.19 million in restitution to Kinder, $303,000 to Blue Ridge Bank and $118,000 to the fraternity association. The judge reportedly ordered Dandridge immediately into custody of the U.S. Marshals to begin his sentence.
The White Law Group is investigating the liability Dandridge’s employer may have for failure to properly supervise him.
Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients’ best interest. When brokers break laws or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.
If you invested with Victor Dandridge and have concerns about your investments, please call The White Law Group at 888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.