Former Thompson Davis & Co., Inc. Financial Advisor Victor Dandridge Sentenced to 7 Years in Prison For Wire and Bank Fraud
Posted on Friday, December 22nd, 2017 at 10:36 am
Erez Law is currently investigating former Thompson Davis & Co., Inc. financial advisor Victor Dandridge (CRD# 5884409) regarding wire and bank fraud and funneling client money into personal accounts. Dandridge was registered with Thompson Davis & Co., Inc. in Richmond, Virginia from 2012 to 2016 and with T3 Trading Group, LLC in New York, New York from April to June 2011.
In November 2017, Dandridge was barred from FINRA after he consented to the sanctions and to the entry of findings that he twice failed to provide FINRA with requested documents and information in connection with an investigation into allegations that he diverted customer funds from accounts held at his member firm to accounts and businesses that he controlled.
In November 2017, Dandridge was convicted of felony “wire fraud forfeiture allegation bank fraud forfeiture allegation” related customer claims that Dandridge misappropriated funds between 2007 and 2016 in three fraud schemes that resulted in more than $3.5 million in losses. Dandridge pled guilty to federal charges and was sentenced to seven years in prison, followed by three years of supervised probation. Dandridge was also ordered to forfeit over $3.5 million and pay $3.5 million in restitution to his victims, including $3.19 million to a client, $303,000 to Blue Ridge Bank and $118,000 to his fraternity alumni association, the Virginia Omicron Chapter House Association.
The first scheme involved Dandridge handling the finances of his best friend’s widow and her minor children between 2006 and 2016. During this period, it is alleged that Dandridge, “diverted most of their money to bank accounts for entities he owned and controlled, using most of her money for his personal expenditures and to prop up his other failing businesses, without telling the widow.” It is alleged that Dandridge stole nearly $3.2 million from the widow.
Dandridge has been the subject of one customer complaint, according to his CRD report:
November 2016. “[Customer] alleged multiple defendants including Mr. Dandridge of misappropriation of funds during the period 2007 to 2016. In summary, plaintiff alleged breach of fiduciary duty, breach of contract, fraud and negligence.” The case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Thompson Davis & Co., Inc. may be liable for investment or other losses suffered by Dandridge’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.