Former LPL Financial Employee Barred by FINRA

October 23, 2019 Author: Brian Levin
LPL Financial Employee Broker James T. Booth

Investors Allege Broker Defrauded Them Out of Millions

On July 1, 2019, the Financial Industry Regulatory Authority (FINRA) issued a Letter of Acceptance, Waiver and Consent (AWC) against Former Broker James T. Booth, CRD#: 1906145.  According to the AWC, Booth was involved in allegedly defrauding multiple customers out of at least $1,000,000 over the course of five (5) years.  The investors alleged that Booth caused them to invest money into shell companies owned by him and then used the funds for his own personal use instead of investment purposes.

According to  FINRA’s BrokerCheck, there is a pending investigation being conducted by the Securities and Exchange Commission.  According to the allegations, “Booth conducted a multi-year scheme that defrauded approximately 40 investors out of nearly $4 million.”  In order to obtain these funds, “Booth made false or misleading statements” to his clients, many of which were “unsophisticated investors.”  Booth currently has over 20 pending customer disputes, according to FINRA’s BrokerCheck.

Prior to being barred indefinitely by FINRA from acting as a broker or otherwise associating with a broker-dealer firm, Mr. Booth worked for LPL Financial LLC.  On May 30, 2019, Booth was discharged from his position with the company. During the time when the alleged misconduct took place, Mr. Booth was also separately employed by Invest Financial Corporation for a period of 13 years.

If you believe that you were the victim of investment fraud or broker misconduct, you might be entitled to recovery through a FINRA arbitration.  Levin Law has helped clients recover millions when they have been defrauded.  Call attorney Brian Levin today for a free case consultation at (305) 402-9050, contact through an online form.