FINRA’s Department of Enforcement investigated Dufresne and alleged he obtained distributions of funds from at least three customers’ variable annuities in the approximate amount of $400,000. Dufresne allegedly deposited the funds in his business account and used the funds for his personal benefit without the customers’ authorization.
Based upon the foregoing misconduct, FINRA alleged Dufresne violated two FINRA Rules, namely FINRA Rule 2150(a) and 2010. For example, “[i]t is well established that conversion violates the ‘high standards of commercial honor and just and equitable principles of trade’ required by FINRA Rule 2010.’” Here, Dufresne’s fraudulent act of stealing customers’ funds was not just and equitable.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages with Dufresne while employed by SagePoint, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation or complete our free case evaluator.