Ex LPL Broker Barred For Alleged Customer Funds Conversion
Previously registered broker James Booth allegedly converted funds, totaling at least approximately $1,000,000, money that many of his customers purportedly gave him to invest on their behalf, according to a Letter of Acceptance, Waiver & Consent (AWC) under review by investor rights attorney Alan Rosca.
James Booth, however, allegedly deposited said funds into an account he controlled and, he allegedly used them for his own personal use, the AWC reports.
James Booth, by virtue of the foregoing, allegedly violated FINRA Rules.
FINRA Rules state that [n]o member or person associated with a member shall make improper use of a customer’s securities or funds, and FINRA Rules provide that [a]member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade, FINRA notes.
Without admitting or denying the findings, former broker James Booth allegedly consented to the sanction and to the entry of findings in the AWC, and has thus been barred by FINRA in all capacities starting on July 1, 2019, according to a Final Regulatory Action filed on Booth’s FINRA BrokerCheck Report filed on July 1, 2019.
Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to James Thomas Booth’s alleged conversion of customer funds. Investors who believe they may have lost money in activity related to James Thomas Booth’s alleged conversion of customer funds are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Concerned about investments with
Booth Discharged by LPL Financial
James Thomas Booth was reportedly terminated by LPL Financial, following allegations that an independent contractor representative who joined LPL in February of 2018 purportedly admitted to a course of conduct beginning while associated with previous member firms involving the misappropriation of multiple clients’ funds for his personal and business use, according to an Employment Separation After Allegations Dispute.
Said dispute was filed on Booth’s FINRA BrokerCheck Report on May 30, 2019, FINRA notes.
On December 7, 2005, former broker James Booth reportedly became registered with INVEST Financial Corporation in Norwalk, CT as a General Securities Representative (GSR) Investment Company and Variable Contracts Products Representative (IR), General Securities Principal (GP), and an Investment Company Products / Variable Contracts Principal (IP), FINRA notes.
Then, on February 14, 2018, due to an acquisition, Booth became registered with LPL Financial LLC in Norwalk, CT as a GSR, IR, GP, and IP, and was subsequently was terminated as a result of LPL’s aforementioned investigation, FINRA notes.
Booth has also been registered with the following firms:
- Cadaret, Grant & Co, Norwalk, CT— January 18, 1993 to December 8, 2005
- Guardian Investor Services Corporation, New York, NY— September 22, 1992 to January 28, 1993
- Reliastar Financial Marketing Corp., Seattle, WA— November 27, 1990 to September 22, 1992
Although James Booth is not currently associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction pursuant to FINRA’s By- Laws, FINRA notes.
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James Thomas Booth Allegedly Failed to Follow Trade Instructions
James Booth also allegedly failed to follow trade instructions, which resulted in a loss, according to a Pending Customer Dispute, FINRA states. Said Dispute was filed on June 6, 2019, FINRA notes.
A client, based on a Complaint received by AllMerica Financial Life Insurance Company, also alleged that a loan was taken out on his life insurance policy in 2004 for which he has never received the proceeds, according a Denied Customer Dispute filed on May 6, 2016, FINRA reports.
Said claim had requested $27,000 in damages, FINRA states.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Securities Lawyer Investigating Allegations Against Former LPL Broker James Booth
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating James Thomas Booth’s alleged conversion of customer funds. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of James Thomas Booth’s alleged conversion of customer funds may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
