Colorado indicts former LPL rep on securities fraud, theft charges

Sonya Camarco accused of diverting more than $850,000 from client accounts

Sep 27, 2017 @ 1:55 pm

By InvestmentNews

Colorado has indicted former LPL broker Sonya Camarco on six counts of securities fraud and seven counts of theft. She is accused of diverting more than $850,000 in client funds for personal use between January 2013 and May.

On Aug. 9, she was terminated by LPL Financial for "depositing third-party checks from client accounts into a bank account she controlled and accessing client funds for personal use," according to Finra's BrokerCheck database.

In a release, the Colorado Securities Division said that following an internal investigation LPL conducted in July regarding a suspicious check drawn on a client account, the firm found that several checks had been drawn on several of Ms. Camarco's client accounts. Further investigation revealed that Ms. Camarco was endorsing checks from clients' accounts made payable to an account she controlled, and that she was using the funds for personal expenditures.

The indictment also alleges that she did not disclose to clients — one of whom was an elderly woman suffering from dementia — that she was placing their money into accounts she controlled.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Cybersecurity: Fears and opportunities for every adviser

Phishing schemes and financial hoaxes put advisers and their clients in the line of fire everyday. Joel Bruckenstein, the godfather of FinTech, offers some solutions for every firm.

Latest news & opinion

Nontraded BDC sales in worst year since 2010

The illiquid product's three-year decline is partially due to new regulations and poor performance.

Tax reform debate sparks fresh interest in donor-advised funds

Schwab reports new accounts up 50% from last year, assets up 33%.

Nontraded REITs to post worst sales since 2002

The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.

Broker protocol for recruiting a boon for clients

New research finds advisers whose firms have joined the agreement take better care of customers.

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print