Former LPL Financial Advisor, James Booth, Terminated by LPL And Barred By FINRA For Converting Approximately $1,000,000 Of Client Funds For His Personal Use

• July 12, 2019
• LPL Financial

James Thomas Booth was a Financial Advisor at LPL Financial Advisors in Norwalk, CT.  James Booth has been in the securities industry since 1989 and previously worked at Invest Financial Corporation, Cadaret, Grant & Co., Guardian Investor Services, Reliastar Financial Marketing Group and One Wall Street Brokerage. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2019, James Booth was discharged from LPL after he “admitted to course of conduct beginning while associated with previous member firms involving the misappropriation  of multiple clients’ funds for his personal and business use.”    

Following the separation, FINRA initiated an investigation, which resulted in a sanction, barring James Booth from the securities industry.  Specifically, the FINRA sanction held that James Booth “consented to the sanction and to the entry of findings that he converted funds, totaling at least approximately $1,000,000 that multiple customers of his gave him to invest on their behalf, he however deposited the funds into an account he controlled and, used them for his own personal use.” 

For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019062787101%20James%20T.%20Booth%20CRD%201906145%20AWC%20jm.pdf

In addition, James Booth is/was the subject of four customer complaints, including a June 2019 complaint where the customer alleges that he failed “to follow trade instructions, which resulted in a loss.”  That matter is currently pending.

For a copy of James Booth’s CRD, click https://brokercheck.finra.org/individual/summary/1906145.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.