Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Skip Dufresne: River Ridge Broker Suspended
A disciplinary action taken by the Financial Industry Regulatory Authority against River Ridge, Louisiana broker Skip Dufresne (CRD# 2471091) suspended him over allegations he sold over $1.6 million in unapproved annuity products. A representative of Regulus Advisors, Dufresne was suspended for three months and fined $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2017055351801) dated October 2018, Skip Dufresne was registered with Signator Investors when, between June 2016 and May 2017, he sold unapproved fixed annuity products to five individuals, including two firm customers. FINRA’s findings note that Dufresne had received the firm’s approval in 2003 to “engage in insurance brokerage as an outside business activity,” but firm policy forbade the sale of fixed indexed annuities as part of representatives’ outside business activities unless the products were sold through the firm and had received its approval. In spite of this, according to FINRA, after applying to work as an independent agent with an outside insurance company in May 2016, Dufresne “began selling two different fixed indexed annuities that had not been approved by Signator.” He allegedly engaged in sales exceeding $1.6 million in the products between June 2016 and May 2017. He sold the fixed indexed annuities to a total of five customers, according to FINRA, including two customers of his member firm, ultimately earning more than $114,000 in commissions from the fixed indexed annuity transactions.
FINRA’s findings state that these sales constituted violations of FINRA Rules 3270 and 2010. As a result of the foregoing alleged conduct, he was suspended from associating with any FINRA member firm in any capacity for a period of three months. He was also ordered to pay a fine of $5,000.
Skip Dufresne has been registered with Regulus Advisors in River Ridge, Louisiana since 2017. His employment history includes Dorsey & Company in New Orleans, Louisiana; Signator Investors in New Orleans, Louisiana; John Hancock Mutual Life Insurance Company in Boston, Massachusetts; and Marquis Investments. He currently holds one state license and has passed three securities industry qualification examinations.