Electronic transfers

FINRA bans ex-Primerica broker accused of theft of elderly people

What would you like to know

  • Primerica / PFS let a broker quit last month after receiving a request for information from FINRA indicating he may have been charged with crimes related to elderly clients.
  • On October 30, 2020, Ocean County District Attorney Bradley D. Billhimer announced that the New Jersey broker had been charged with attempted theft and conspiracy to commit theft.
  • He was banned by FINRA after refusing to cooperate with its investigation into his alleged acts.

The Financial Sector Regulatory Association excluded a former Primerica / PFS Investments broker who did not cooperate with FINRA’s investigation into allegations he misappropriated funds from older clients.

Jeffrey Dampf has refused requests from the industry self-regulatory agency to provide official testimony and produce documents and information, according to FINRA.

Without admitting or denying FINRA’s findings, Dampf signed a letter of acceptance, waiver and consent from FINRA on September 29 in which he consented to FINRA prohibiting him from partnering with member companies. of FINRA in any capacity. FINRA signed the letter on Friday.

Primerica / PFS allowed Dampf to resign last month after receiving a request for information from FINRA that he “may have been charged with crimes related to taking money from the elderly,” the company said. in a disclosure on its BrokerCheck report on FINRA’s BrokerCheck website. He joined the firm in 2009.

The company, however, “had no such information and [was] unable to locate publicly available information to confirm or refute the alleged charges, ”he said in the disclosure.

But it didn’t take long for ThinkAdvisor to find information online relating to the allegations against Dampf.

On October 30, 2020, Ocean County District Attorney Bradley D. Billhimer announced that Dampf, then 69, of Brick Township, New Jersey, was charged with attempted theft and conspiracy to commit theft. Meanwhile, Robert Tindall, then 46, and Leanna Guido, then 47, both of Toms River, New Jersey, were charged with theft for their alleged roles in the scheme.

An investigation by the Economic Crimes Unit of the Ocean County Attorney’s Office in New Jersey found that Dampf, in his capacity as attorney and accountant for two older siblings, was embezzling funds entrusted to him while looking after the two older clients, according to Billhimer.

Comment here

placeholder="Your Comment">