April 13, 2016
On April 8, 2016, former registered representative Timothy Dufresne (CRD# 3237322) of Bamberg, South Carolina entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations FINRA made against him regarding violations of securities industry rules.
Timothy Dufresne did business as Dufresne & Associates while associated with FINRA member firm SagePoint Financial, Inc. from October, 2008, until March, 2016. On April 8, 2016, Dufresne consented, without admitting or denying the allegations made against him by FINRA, to a permanent bar from associating with any FINRA member firm in any capacity in resolution of FINRA Disciplinary Proceeding No. 2016049412601. FINRA alleged that “Between October 2014 and February 2016 (the ‘Relevant Period’), while registered with SagePoint Dufresne converted at least $400,000 from at least three customers by requesting distributions from the customers’ variable annuities and depositing the funds into his business account without the customers’ authorization, in violation of FINRA Rules 2150(a) and 2010.”
A review of Dufresne’s FINRA BrokerCheck Report reveals that on March 23, 2016, Dufresne was discharged from SagePoint Financial Inc. At the time of discharging Dufresne, SagePoint disclosed “the firm received a call from an authorized representative of a client who stated that withdrawals were taken from an annuity contract that the client could not account for. The firm conducted a review and obtained copies of checks drawn on the customer’s annuity that were payable to the representative’s business bank account. The representative admitted depositing the checks into the account and was terminated.”
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