Barred by FINRA for allegedly misappropriating client funds
OCTOBER 1, 2019 UPDATE: James Booth has been charged with operating a Ponzi scheme by the SEC. Click here for up to date information.
If you’ve lost money investing with James Booth, you may have a claim. Contact Sonn Law today by filling out our form to submit a confidential message, or call us anytime at 866–827–3202 to schedule a free consultation.
Former LPL Financial broker James Thomas Booth (CRD# 1906145) has been barred from FINRA for allegedly misappropriating funds from clients.
According to FINRA records, Booth deposited accounts he controlled and used the money for his own personal expenses.
Booth has 32 years of industry experience with six firms, most recently with LPL Financial (2018–2019), Invest Financial Corporation (2005–2018), and Caderet, Grant & Co. (1993–2005), all of Norwalk, CT.
Booth was terminated from LPL Financial after admitting misappropriation of client funds.
In July 2019, Booth was barred from FINRA after being sanctioned for taking approximately $1,000,0000 in client investment money and deposited those funds into accounts he controlled and used them for his own personal use.
According to Booth’s FINRA BrokerCheck report, In May 2016, a client alleged that in 2004 Booth took $27,000 out of his life insurance policy without his knowledge and that he never received the proceeds. However, this claim was denied based on the fact that only the client can receive a check for life insurance proceeds.
In December 2004, while Booth was employed with Cadaret, Grant & Co., a client alleged misrepresentation in paying what he believed were excessive advisory fees, with requested damages in the amount of $23,500,000.
No action was taken on this complaint and the dispute was dismissed.
Multiple clients accused Booth of unsuitable investment recommendations in 2004, all claims were closed with zero damages.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.