Former Thompson Davis & Company financial advisor Victor M. Dandridge III (CRD# 5884409) was convicted of bank and wire fraud earlier this year and permanently barred from working in the securities industry this month.
Victor Dandridge was barred by the Financial Industry Regulatory Authority (FINRA) for failure to provide documents relating to an investigation that he allegedly diverted customer funds into his own businesses. FINRA’s investigation stemmed from a federal criminal case against Dandridge involving allegations of wire fraud and bank fraud. Victor Dandridge pleaded guilty to federal charges and was sentenced to 84 months in prison and three years of supervised probation. He was also ordered to pay restitution to his victims, including $3.19 million to a client, $303,000 to a bank, and $118,000 to a fraternal organization.
The wire fraud and bank fraud charges appear to relate to customer claims of misappropriation of funds that occurred over nearly a decade from 2007 until 2016. Victor Dandridge was allegedly funneling money from his clients’ accounts into his own businesses during that time.
Victor Dandridge was registered with Thompson Davis & Co. Inc in Richmond, Va. from February 2012 until July 2016.
Previously, he was registered with T3 Trading Group LLC in New York from April 2011 until June 2011. Dandridge’s FINRA report also reveals that he was involved with a number of different outside businesses over the years, including a wholesale lighting business, Timberlake Lighting, and real estate companies.
Unfortunately, some brokers steal from their clients by committing investment fraud. If that fraud occurs over phone lines or involves electronic communications, it is considered wire fraud. In the Internet age, if fraud is occurring, it is very likely wire fraud.
Wire fraud occurs when:
- The broker defrauded their client out of money
- The broker had the intent to defraud their client out of money
- It was reasonably foreseeable that the broker would use electronic communications to commit the fraud
- The broker did use wire communications
Fraud occurs when financial advisors make unauthorized withdrawals from their clients’ accounts. Alternatively, brokers may ask clients to make checks payable to them or their own company.
Investors who are concerned that they may have been wire fraud victims should know that the financial firm they are working with is required to adequately supervise their brokers to ensure fraud is not occurring. If the firm fails to do so, they may be liable for client money stolen by the broker.
If you or a loved have had money stolen by a financial adviosr, the experienced attorneys at Meyer Wilson may be able to help recover your losses.