Former LPL broker sentenced to 20 years for stealing from clients

Sonya Camarco pleaded guilty to forging checks, depositing clients funds into her personal accounts

Nov 2, 2018 @ 2:20 pm

By Jeff Benjamin

Former LPL Financial broker Sonya Camarco was sentenced on Oct. 31 to 20 years in prison for stealing $1.8 million from her clients.

Ms. Camarco, 46, received 10 years for one count of securities fraud and 10 years for one count of theft over $100,000. She also received a probation sentence of 20 years for one count of filing false tax returns, which is to be served concurrently with the prison sentence.

Ms. Camarco, based in Colorado Springs, Colo., was indicted in September 2017 on six counts of securities fraud and seven counts of theft.

She pleaded guilty after a Colorado grand jury indictment charged her with diverting more than $1.8 million in client assets for personal use between January 2013 and May 2017.

According to Finra's BrokerCheck database, Ms. Camarco worked at LPL from 2004 until August 2017, when she was fired and barred from the brokerage industry. Prior to LPL, she worked for three years at Morgan Stanley and for six years at Merrill Lynch Pierce Fenner & Smith.

According to BrokerCheck, there were nine customer disputes filed against Ms. Camarco between June and December of 2017.

In August of 2017, the Securities and Exchange Commission obtained an emergency court order and asset freeze preventing Ms. Camarco from further dissipating stolen client assets. According to the SEC's 2017 complaint, Ms. Camarco stole money from her clients' accounts and then lied to them about the withdrawals.

According to a statement from the Colorado Securities Commissioner, following an internal investigation conducted by LPL in July 2017 regarding a suspicious check drawn on a client account, it was discovered that multiple checks had been drawn on several accounts belonging to Ms. Camarco's clients payable to an account controlled by Ms. Camarco.

LPL further learned that Ms. Camarco was endorsing checks from clients' accounts made payable to an account she controlled.

LPL did not immediately respond to a request for comment for this story.


What do you think?

View comments

Most watched


Finding innovation in your firm

Adam Holt of AssetMap explains how advisers understand they need to grow, but great innovation may be lurking right under your nose.


Finding your edge from Tony Robbins

Guru Tony Robbins has helped a lot of people, but armed with his psychology Financial Advisor Josh Nelson has helped his practice soar.

Latest news & opinion

The growth of factor-based investing

Advisers are making decisions about clients' portfolios by using the same characteristics that govern factor-based ETFs.

Finra makes its list to target hundreds of rogue individuals

The regulator sees patterns in the behavior and disclosures of high-risk brokers.

LTC insurer offering co-pays to blunt soaring premium increases

John Hancock policyholders would get a discount on their premium in return for agreeing to pay a bigger portion of their claims in the future.

Goldman Sachs acquires United Capital

After a payday of $75 million or more, CEO Joe Duran plans to join Goldman in a senior position.

Private equity loves IBDs, but will that last?

Three big acquisitions in less than a year signals renewed life in the formerly beleaguered industry.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print