Barred Former LPL Financial LLC Broker James Booth Faces 23 Pending Customer Complaints for Alleged Ponzi Scheme

Posted on Tuesday, October 1st, 2019 at 2:21 pm    

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Were you the victim of former LPL Financial LLC broker James Booth (CRD# 1906145)? Booth was registered with LPL Financial LLC in Norwalk, Connecticut from February 2018 to June 2019, when he was terminated regarding, “Recently hired independent contractor representative admitted to course of conduct beginning while associated with previous member firm involving the misappropriation of client funds for his personal and business use.” Previously, Booth was registered with Invest Financial Corporation in Norwalk, Connecticut from 2005 to 2018.

In July 2019, FINRA barred Booth after he consented to the sanction and to the entry of findings that he converted funds, totaling at least approximately $1 million that multiple customers of his gave him to invest on their behalf, and he deposited the funds into an account he controlled and used them for his own personal use.

It is alleged that Booth stole funds from several customers during a five-year period through May 2019.

Booth has been the subject of 23 customer complaints between 2004 and 2019, two of which were closed without action and one was denied, according to his CRD report:

August 2019. “Claimants allege that over several years Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019.” The case is currently pending.

August 2019. “Claimants allege that over several years Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019.” The case is currently pending.

August 2019. “Claimants allege that over several years Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019.” The case is currently pending.

August 2019. “Claimants allege that over several years Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019.” The case is currently pending.

August 2019. “Claimant alleges that Booth converted his funds to support a Ponzi scheme using multiple shell companies, which claimant only later discovered in June 2019.” The case is currently pending.

August 2019. “Claimants allege that Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019.” The case is currently pending.

August 2019. “Claimants allege that Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019.” The case is currently pending.

August 2019. “Claimant alleges that Booth misappropriated funds by depositing her funds into an account for an entity that Booth controlled, which claimant only later discovered in June 2019.” The case is currently pending.

August 2019. “Firm first became aware when SEC subpoena firm for information on August 1, 2019. Claimant alleges that Booth converted his funds to support a Ponzi scheme using multiple shell companies, which claimant only later discovered in June 2019.” The case is currently pending.

July 2019. “Claimants allege that over a period of several years, Booth misappropriated funds by depositing claimants’ funds into accounts for several entities that Booth controlled, which claimants only later discovered in June 2019.” The case is currently pending.

July 2019. “Claimants allege that over a period of several years, Booth misappropriated funds by depositing claimants’ funds into accounts for several entities that Booth controlled, which claimants only later discovered in June 2019.” The case is currently pending.

July 2019. “Claimants allege that over a period of several years, Booth misappropriated funds by depositing claimants’ funds into accounts for several entities that Booth controlled, which claimants only later discovered in June 2019.” The case is currently pending.

July 2019. “Customers allege that over a period of several years, Booth misappropriated funds by requesting the customers to write checks out of their brokerage accounts payable to an entity which Booth controlled, which customers only later discovered in June 2019.” The case is currently pending.

July 2019. “Customer alleges that in December 2018 Booth solicited her to write a check payable to a company controlled by Booth.” The customer sought $28,500 in damages and the case was settled for $27,970.

July 2019. “Customer alleges that in May 2019 Booth solicited her to write a check payable to a company controlled by Booth.” The case was settled for $45,000.

July 2019. “Customers allege that during an unstated time period, Booth misappropriated funds by convincing the customers to invest in a shell company under his control.” The case is currently pending.

July 2019. “Customer alleges that in May 2019 Booth solicited him to write a check payable to a company controlled by Booth.” The case was settled for $18,000.

July 2019. “Customer alleges that between August 2018 and May 2019, Booth caused checks to be issued from his brokerage account payable to an entity that Booth controlled.” The case was settled for $50,651.

June 2019. “Customer’s allege failure to follow trade instructions, which resulted in a loss.” 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, Invest Financial Corporation may be liable for investment or other losses suffered by Booth’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.