The Financial Industry Regulatory Association has barred a former Primerica/PFS Investments broker who didn't cooperate with FINRA's investigation into allegations that he misappropriated funds from elder clients.
Jeffrey Dampf declined requests by the industry self-regulating agency to provide on-the-record testimony and to produce documents and information, according to FINRA.
Without admitting or denying FINRA's findings, Dampf signed a FINRA letter of acceptance, waiver and consent on Sept. 29 in which he consented to FINRA's barring him from associating with any FINRA member companies in any capacity. FINRA signed the letter on Friday.
Primerica/PFS permitted Dampf to resign last month after receiving an information request from FINRA indicating that he "may have been charged with felonies relating to taking money from the elderly," the firm said in a disclosure on his BrokerCheck report at FINRA's BrokerCheck website. He had joined the firm in 2009.
The firm, however, "had no such information and [was] unable to locate any publicly available information to confirm or refute the alleged charges," it said in the disclosure.
But it didn't take long for ThinkAdvisor to find information online related to the allegations against Dampf.
On Oct. 30, 2020, Ocean County Prosecutor 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 roles in the same scheme.
An investigation by the Ocean County Prosecutor's Office Economic Crimes Unit in New Jersey revealed that Dampf, in his capacity as the power of attorney and accountant for two senior siblings, was misappropriating funds entrusted to him while caring for the two older clients, according to Billhimer.
Dampf allegedly attempted to electronically transfer $500,000 to an investment account from the victims' bank account for his own benefit. The transfer was "flagged," however, and the money was not transferred from the victims' account, according to Billhimer.
