Victor M. Dandridge III of Richmond, Virginia, a stockbroker formerly registered with Thompson Davis & Co., Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his unauthorized diversion of customer funds. Letter of Acceptance, Waiver and Consent, No. 2016052599901 (Nov. 13, 2017).

According to the AWC, FINRA launched an investigation into Dandridge’s alleged diversion of customer funds held in accounts at Thompson Davis & Co., Inc., to businesses and accounts controlled by Dandridge. The AWC stated that on January 23, 2017, FINRA submitted a letter to Dandridge, according to Rule 8210, seeking that Dandridge furnish brokerage account documents and bank statements in furtherance of their investigation into his alleged wrongdoing. Dandridge reportedly responded through his counsel to FINRA staff on February 10, 2017, but the account documents that FINRA asked for had not been provided.

The AWC stated that another request was sent by FINRA to Dandridge on March 28, 2017, according to Rule 8210. The letter evidently sought the brokerage account documentation and bank statements just like the January 2017 request. Dandridge’s counsel evidently responded to FINRA on April 11, 2017, again failing to hand over the statements that FINRA staff requested. The AWC stated that FINRA’s letters to Dandridge instructed him to fully respond and that his failure to do so could result in sanctions including a permanent bar.

The AWC revealed that on May 1, 2017, counsel for Dandridge relayed to FINRA staff that Dandridge would not be providing any financial documentation or information subsequent to June of 2012. At this time, Dandridge reportedly confirmed that he refused to provide information and documentation FINRA sought, which was later confirmed by Dandridge’s counsel as well on October 13, 2017. FINRA indicated that the information they sought from Dandridge was never provided. Consequently, Dandridge’s failure to comply was found by FINRA to be conduct violative of FINRA Rules 2010 and 8210, resulting in his bar from the securities industry.

FINRA Public Disclosure reveals that Dandridge has been named as a defendant in a customer initiated investment related civil lawsuit brought in the Richmond City Circuit Court in Richmond, Virginia, where customers have sought damages supported by allegations of negligence, breach of contract, breach of fiduciary duty, and fraud pertaining to the misappropriation of the customer’s funds between 2007 and 2016. Civil Action No. 760cl16005183-00 (Nov. 18, 2016).

Dandridge’s registration with Thompson Davis & Co., Inc. was terminated as of July 19, 2016.

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