On October 7, 2021 FINRA announced that it had barred Eric Shea Hollifield, a former LPL Broker, who allegedly converted a senior client’s funds, after he refused to cooperate with FINRA’s investigation into his conduct.
According to FINRA, an investigation was launched into Hollifield after an elderly client filed an arbitration alleging Hollifield misappropriated $1,240,000. Consequently, LPL fired Hollifield on September 10 for failure to disclose an outside business activity. On October 7, 2021, FINRA filed an Letter of Acceptance, Waiver and Consent where Hollifield agreed without admitting or denying the findings of the FINRA’s investigation, to be barred from the industry. The customer’s FINRA arbitration remains pending.
This case illustrates how easily vulnerable adults can be exploited by unscrupulous professionals. If you have elderly friends or relatives who may be vulnerable, please take whatever steps you can to protect them from this type of exploitation. If you wish to discuss any securities related questions, please contact David A. Weintraub, P.A. 7805SW 6th Court, Plantation, FL 33324. By phone 954-693-7577 or 800-718-1422.
On October 1, 2021, FINRA announced that it barred former PFS Investments Inc. broker, Jeffrey Dampf, from the securities industry. As part of the settlement, Dampf consented to the sanction and to the entry of findings via a Letter of Acceptance, Waiver, and Consent, after FINRA alleged that Dampf refuse to cooperate with its investigation into allegations that he stole money from an elderly client. Dampf did not testify or turn over documents to FINRA in its investigation of the matter, according to the order.
According to the investigation, about a year ago, Dampf, 70, was charged with attempted theft, alleging that he, in his capacity as the power of attorney and accountant for two elderly siblings, was misappropriating funds entrusted to him for the care of the two elderly victims. “Dampf attempted to electronically transfer $500,000 to an investment account from the elderly victim’s bank account for his own personal benefit,” according to the Ocean County Prosecutor’s Office in New Jersey. “Basically, I’m going to fight this whole thing, not with FINRA but the courts,” Dampf said in an interview. “I haven’t taken a nickel.” “I was the power of attorney,” he said. “The caregivers were stealing left and right.”
This case illustrates how easily vulnerable adults can be exploited by unscrupulous professionals. If you have elderly friends or relatives who may be vulnerable, please take whatever steps you can to protect them from this type of exploitation. If you wish to discuss any securities related question, please contact David A. Weintraub, P.A., 7805 SW 6th Court, Plantation, FL 33324. By phone: 954.693.7577 or 800.718.1422