Securities Arbitration Lawyer Blog
FINRA has barred former PFS Investments Inc. broker Jeffrey Dampf from the securities industry. Dampf consented to the sanction and to the entry of findings that he refused to provide on-the-record testimony or to produce the documents and information requested by FINRA in connection with its investigation into allegations that he misappropriated funds from elderly individuals.
If you have suffered investment losses with Jeffrey Dampf, or PFS Investments Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021072405501
Jeffrey Dampf and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on October 1, 2021, after FINRA alleged that Dampf refused to appear to provide on-the-record testimony requested pursuant to FINRA Rule 8210 and failed to comply with a FINRA Rule 8210 request for documents and information. Therefore, Dampf violated FINRA Rules 8210 and 2010.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to its jurisdiction “to provide information orally, in writing, or electronically … and to testify at a location specified by FINRA staff … with respect to any matter involved in [a FINRA] investigation [or] examination.” FINRA Rule 8210(c) further states that “[n]o … person shall fail to provide information or testimony … pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.”
On September 10, 2021, FINRA sent a request to Dampf for on-the-record testimony and a request for the production of documents and information, both pursuant to FINRA Rule 8210, in connection with FINRA’s investigation into allegations that Dampf misappropriated funds from elderly individuals.
Dampf informed FINRA that he would not appear for on-the-record testimony at any time or produce the documents and information requested.
By refusing to appear for on-the-record testimony and to produce the documents and information as requested pursuant to FINRA Rule 8210, Respondent violated FINRA Rules 8210 and 2010.
Jeffrey Dampf (CRD#: 5676205)
Dampf entered the securities industry in 2009. Dampf was registered as an Investment Company and Variable Contracts Products Representative through an association with PFS Investments Inc. from October 2009 until September 2021, when Dampf was permitted to resign.
According to a disclosure on Dampf’s public CRD, PFS Investments “received an information request from FINRA indicating that Dampf may have been charged with felonies relating to taking money from the elderly. We had no such information and were unable to locate any publicly available information to confirm or refute the alleged charges.”
PFS Investments Inc. – Supervisory Duties
Brokerage firms like PFS Investments Inc. must properly supervise their financial advisors. Brokerage firms must also establish and maintain a reasonably designed system to supervise their financial advisors to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors, it may be liable for investment losses sustained by customers.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with Jeffrey Dampf, or PFS Investments Inc., contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.