Former stockbroker Jeffrey Griffin Jr. has been sentenced to 10 years in prison for using hundreds of thousands of dollars of client money for personal expenses. In addition to the prison sentence, Griffin also was ordered to pay full restitution to four victims.
Stockbroker Used Client Money for Personal Expenses
Griffin allegedly shifted client funds to personal accounts for his own use. According to prosecutors, Griffin stole $408,000 from investors and deposited the money into an account that he controlled.
Griffin then moved the money into his personal account and used the funds for shopping, a $25,000 transfer to a real estate flipper, and for day-trading at another firm that prohibits its customers from trading other people’s money.
Griffin Has History of Stockbroker Misconduct
According to BrokerCheck, Griffin started his career in the securities industry in 2000 at the firm Andrew Garrett, Inc. followed by a few other short stints at other brokerage firms. In 2008, Griffin received a civil penalty followed by two more judgements and a customer dispute in 2009 alleging excessive trading, unsuitability, and misrepresentation.
Broker Permanently Barred from Securities Industry
Griffin was convicted in May 2018. He was found guilty on all five charges he faced: theft by deception, misapplication of entrusted property, two violations of the state’s Uniform Securities Act, and money laundering.
Griffin was barred by the Bureau of Securities in 2011 from any broker-dealer or investment adviser activity and was ordered to pay a $125,000 civil penalty. It is unclear if Griffin has the funds to pay both the civil penalty and fulfill the restitution portion of his sentence.
Have You Lost Money Investing with Jeffrey Griffin Jr.?
If you lost money investing with Jeffrey Griffin Jr. or think you may be a victim of stockbroker misconduct, contact an experienced investment fraud attorney today.
Speak with an Investment Fraud Attorney Today
If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of investment fraud or stockbroker misconduct.
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