James Thomas Booth Allegedly Converted Funds, & Allegedly Deposited Funds into an Account he Controlled for His Own Personal Use; Booth Barred by FINRA

James Thomas 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.

James Booth, without admitting or denying the findings, 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 Goldman Scarlato & Penny PC 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.

James T. Booth Discharged by LPL Financial LLC Allegedly Following Allegations of Misappropriation of Multiple Clients’ Funds for Personal & Business Use

James T. 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.

Booth, on December 7, 2005, 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 ProductsNariable Contracts Principal (IP), FINRA notes.  

Booth then, on February 14, 2018, due to an acquisition, 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., Inc., 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 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.

James 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 mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC 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 rosca@lawgsp.com, or through the contact form on this webpage.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.