James Thomas Booth, a former broker and investment adviser who has been barred by FINRA is the subject of multiple customer disputes on allegations of Ponzi Scheme and other misconduct, according to an investigation by lawyer Alan Rosca.
Securities lawyer Alan Rosca of the Rosca Scarlato LLC law firm, is investigating conduct related to the customer disputes involving the barred broker James Booth on the allegations of conducting a Ponzi scheme among other things. Concerned investors are encouraged to reach out to a skilled attorney to discuss their options. Booth investors may contact attorney Rosca toll free at 888-998-0530, via email at arosca@rscounsel.law, and by leaving a message through a contact form on this page.
James Thomas Booth Has Been the Subject of Multiple Customer Disputes
According to the investigation by securities lawyer, James Booth’s FINRA Brokercheck page reveals that he is the subject of multiple customer disputes that were initiated on the allegations including the former broker using investors funds to run a Ponzi scheme and other related allegations including misappropriation of client funds.
In the latest customer dispute involving him, the client in April 2020 instituted an action involving the barred broker on the allegation of the misappropriation of their funds. No amount of alleged damages was specified, and as of date of this article the dispute is reportedly pending.
In another customer dispute initiated in December 2019, the clients alleged that Booth, over several years, converted their funds to support a Ponzi scheme. This claim alleged that barred broker James Booth was under the employment of Invest Financial Corporation and LPL Financial when he carried our the alleged conversions, and in November 2020 this dispute was eventually settled for $80,000.
In another client dispute instituted in November 2019, the client made similar allegations to the one mentioned above and further alleged that the Ponzi scheme was run using multiple shell companies which were not discovered until June 2019. This dispute concluded in June 2020 in a settlement to the tune of $120,000.
In the same month of November 2019, James Booth was involved in another customer dispute on the same allegation that later settled for $35,000.
As of the date of this article, former broker James Booth was involved in 30 customer disputes reportedly settled for sums ranging from $8,559 to $1,206.652.
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Booth Barred By the SEC and Sanctioned by FINRA
In November 2019, the US Securities and Exchange Commission instituted a public action against James Booth where Booth pleaded guilty to the charge of Securities Fraud in violation of Title 15 of United States Code. As a result of this, he was barred indefinitely.
This was coming after the regulatory action instituted against him by FINRA in July 2019. He was alleged to have converted the client’s funds amounting to $1,000,000 into an account he controlled for personal use and did not invest the sum as required. Without admitting or denying the allegations, James Booth signed the Acceptance, Waiver & Consent Form which barred him in all capacities. It should also be noted that an Order to Cease and Desist, and Notice of Right to Hearing was issued against James Booth and his insurance company, Insurance Trends, by the Banking Commissioner of Connecticut on the allegations of the violation of Antifraud provision in Section 36b-4(a) of the Connecticut Uniform Securities Act and engagement in dishonest and unethical practices where he was alleged have misappropriated $5,000,000 of client’s funds. Owing from this, James Booth was fined $100,000 and his registration as a broker-dealer Agent and Investment adviser agent was revoked.
How a Ponzi Scheme Lawyer Can Potentially Help You Recover Bad Broker Losses
Ponzi Schemes are highly dangerous investment schemes as investors are exposed to the highest risk of losses on investments. Ponzi schemes are unsuitable and fraudulent and involve the continuous misappropriation of the clients’ funds and fabrication of fake financial documents and returns among others.
Securities lawyers may be able to help investors who have lost money from Ponzi Schemes as they could potentially help establish liability of brokers and broker dealer firms for investor losses.
Broker dealers like LPL Financial LLC owe a duty to supervise their brokers and ensure that their customers’ funds are invested appropriately and breaching these duties could make them liable for the losses incurred by the investors. Securities and Ponzi scheme lawyers may potentially be able to help investors gather and organize documents and evidence to prove their case and, in the process, proving the liability of the brokers and their broker dealers.
James Booth Fired by LPL Financial
James Thomas Booth has spent 28 years in the financial industry with six different firms, and was fired by LPL Financial back in May, according to Booth’s FINRA BrokerCheck Report.
Booth, before being registered with LPL in 2018, had been a broker with Invest Financial Corp. since 2005, FINRA notes. LPL then bought Invest Financial and three other broker-dealers that were part of the National Planning Holdings network, FINRA states.
Booth was also registered with Cadaret, Grant & Co., Inc, in Norwalk, Connecticut to January 18, 1993 to December 8, 2005, FINRA notes.
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.
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Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to allegations involving former broker James Booth.
The firm takes most cases of this type on a contingency fee basis and advances 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, 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 conducts related to James Thomas Booth’s customer dispute disclosures on the allegations of Ponzi scheme and misappropriation, 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.
