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 is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For more information on the firm and its representation of investors in claims against brokerage firms, visit https://www.whitesecuritieslaw.com.
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