An Ocean County investment manager was sentenced Thursday to a lengthy prison term for stealing more than $400,000 from clients, state authorities announced.
Jeffrey D. Griffin, Jr., 43, of Toms River, was sentenced to 10 years in state prison after being found guilty in May of theft by deception, misapplication of entrusted property, two counts of violation of New Jersey’s Uniform Securities Act, and money laundering, Attorney General Gurbir S. Grewal said in a news release.
Griffin, who represented himself at trial, stole $408,000 from four investors from August 2010 through July 2011. He deposited their funds into a securities trading company he formed, and used the money for his own expenses and personal day trading, according to the news release.
“Our strong message to dishonest agents in the investment industry is that if you break the law and cheat New Jersey investors out of their hard-earned savings, we will prosecute you and make you pay,” Grewal said.
Griffin must also pay full restitution. He was permanently barred from association in any capacity with any broker-dealer or investment adviser conducting business in New Jersey.
“This defendant betrayed his clients to serve his own greed, but now he will serve time in prison, thanks to our trial team and all of the investigators in the Division of Criminal Justice and Bureau of Securities whose outstanding collaboration secured this verdict,” Grewal said.
Investors who believe they have been defrauded are urged to contact the Division of Criminal Justice at 866-TIPS-4CJ (866-847-7425) or the Bureau of Securities toll free at 866-I-INVEST (866-446-8378).