Timothy Francis Dufresne of Bamberg South Carolina a stockbroker formerly employed by SagePoint Financial Inc. is referenced in a customer initiated investment related civil action brought in the Bamberg County South Carolina Court of Common Pleas in which the customer sought unspecified damages based upon accusations of the embezzlement of the customer’s funds by Dufresne in reference to a supposed annuity sale. Civil Action No. 2017-CP-05-0003 (Mar. 20, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Dufresne is referenced in nine customer initiated investment related disputes containing allegations of his violative conduct while employed with securities broker dealers including SagePoint Financial Inc. Specifically, between May 13, 2016 and May 31, 2016, three customers filed investment related complaints involving Dufresne’s activities where the customers requested unspecified supported by accusations that misrepresentations had been made concerning the variable annuity products sold to them. Between June 3, 2016 and June 13, 2016, two more customers filed investment related complaints regarding Dufresne’s conduct in which the customers collectively requested $39,000.00 in damages founded on allegations that the charges and benefits of the customers’ annuity products had been misrepresented.
Thereafter, on July 6, 2016, a customer filed an investment related complaint involving Dufresne’s activities where the customer sought $18,000.00 in damages based upon accusations of false or misleading statements concerning the liquidity and benefits of the customer’s variable annuity products. Subsequently, on August 24, 2017, a customer initiated investment related complaint concerning Dufresne’s conduct was resolved for $11,775.98 in damages supported by allegations that the customer’s funds were supposed to have been invested in mutual funds but were instead misappropriated.
Moreover, a customer filed an investment related civil action involving Dufresne’s conduct in the United States District Court for the District of South Carolina in which the customer requested damages estimated to exceed $5,000.00 founded on accusations that the customer’s signature had been forged on account documentation, and the customer’s assets which were supposedly placed into an annuity had actually been misappropriated. Civil Action No. 1:18-2879-MBS (D.S.C. Oct. 29, 2018).
SagePoint discharged Dufresne based upon allegations of Dufresne impermissibly taking funds from a customer’s annuity account. Dufresne was then barred by FINRA from associating with any FINRA member in any capacity based upon allegations that funds had been converted by Dufresne from customers’ annuity accounts. Letter of Acceptance Waiver and Consent No. 2016049412601 (Apr. 8, 2016).
According to the AWC, between October of 2014 and February of 2016, Dufresne somehow effected distributions from the accounts of three SagePoint customers. Apparently, the funds had been directed by Dufresne into a business account. Subsequently, the funds had been utilized, without customers’ authorization, for Dufresne’s own benefit. The AWC stated that $400,000.00 had been distributed from customers’ accounts through Dufresne. FINRA found Dufresne’s conduct violative of FINRA Rules 2010 and 2150(a).
