- 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.
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