Sidney Joseph Dufresne Jr. of New Orleans Louisiana a stockbroker formerly registered with Signator Investors Inc. has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities. Letter of Acceptance Waiver and Consent No. 2017055351801 (Oct. 9, 2018).
According to the AWC, in September of 2003, Dufresne had approached Signator about conducting insurance business away from the firm as an outside business activity. FINRA stated that Signator allowed Dufresne to engage in the outside business activity so long as he did not sell fixed annuities away from the firm; the annuities were only able to be sold via Signator and under the firm’s auspices.
The AWC stated that in May of 2016, a third party insurance company authorized Dufresne as an insurance agent. Shortly thereafter, Dufresne commenced sales of fixed index annuities. Those annuities were reportedly prohibited from being sold by Signator; and the sale of those were deemed unapproved outside business activities.
Evidently, from June of 2016 to May of 2017, at least $1,600,000.00 in unauthorized fixed annuity transactions had been effected by Dufresne. Those annuities were reportedly sold to at least two customers and three non-firm customers. Apparently, $114,000.00 in commissions had been provided to Dufresne as a result of his sales efforts. FINRA found that Dufresne’s conduct was violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that on August 15, 2017, Dufresne had been terminated by Signator Investors, Inc. during the time that the firm had internally investigated Dufresne’s conduct of engaging in unapproved outside business activities. Dufresne later became employed by Dorsey & Company, Inc. on August 15, 2017; however, he was terminated from that firm on September 5, 2017 after having become subject of an investigation from Signator.
Dufresne has been registered with Regulus Advisors, LLC since September 26, 2017.
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