On the 29th of September, Jeffrey Dampf, last associated with Primerica/ PFS Investments as a broker, agreed to a FINRA (Financial Industry Regulatory Authority) letter of acceptance, waiver, and consent that bars him from association with any member firm of FINRA, in any capacity, but without admitting to or denying their findings.
This was after he had failed to provide documents and information requested by the self-regulatory body, and refused to provide testimony on the record.
A month prior to the FINRA barring, Dampf had been allowed to resign by Primerica/ PFS, with whom he had been associated since 2009. Their action was apparently prompted by a FINRA advisory that indicated that Dampf “may have been charged with felonies relating to taking money from the elderly.” This has been stated by the firm on his BrokerCheck profile.
PFS Investments have also put out statements distancing themselves from Dampf. They have told ThinkAdvisor that “Jeffrey Dampf is not currently affiliated with our Company in any manner. He previously was an independent contractor sales representative of PFS Investments. His registration with PFSI was terminated in September of 2021, soon after we became aware of the allegations against him.”
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They went on to add that they (the firm), “had no such information and [was] unable to locate any publicly available information to confirm or refute the alleged charges,” on the disclosure.
ThinkAdvisor, however, was able to locate information related to allegations against Dampf based on a quick online search.
The charges against Dampf
He was charged with attempted theft and conspiracy to commit theft by Bradley D. Billhimer, Ocean County Prosecutor. This was on 30th October.
Toms River, New Jersey residents Leanna Guido, then 47, and Robert Tindall, 46 at the time, were also charged for theft for their roles in the same scheme. They were hired by Dampf as aides for the home and health care of his clients, despite they not possessing any credentials in the field.
Dampf apparently held the power of attorney for two senior siblings. He was also their accountant. While apparently caring for his elderly clients, he was misappropriating the funds placed in his trust. This is what has been discovered by New Jersey’s Ocean County Prosecutor’s Office Economic Crimes Unit, as reported by Billhimer.
An attempt by him to transfer $500K from their account for his own benefit was apprehended before it could be executed.
According to Billhimer, “Tindall and Guido received funds they were not entitled to in an amount exceeding $1.5 million,” from the victims’ accounts. These payments were executed as electronic transfers as well as checks and made out to look like genuine reimbursements and payments for healthcare-related expenses incurred by them on behalf of the victims.
Billhimer adds that “There were also large payouts purported to be gifts authorized by the elderly victims. The elderly victims were not of sound mind to authorize checks, electronic transfers or gifts and as such, they are not legitimate.”
Guido and Tindall were arrested on the 29th of October, 2020 while a summons was served on Dampf the following day. While a future court date is awaited, he was processed and released.
ThinkAdvisor was informed by a spokesperson of Billhimer that “The case is currently pending presentation to the grand jury” referring to the Ocean County Superior Court.
It has been reported by InvestmentNews that Dampf denied the allegations and planned to fight the charges in court.
No response or comment was available from Dampf himself.