Finra bars broker accused of stealing $1 million from clients

The broker, James Thomas Booth, joined LPL as a result of the firm's NPH acquisition

Jul 2, 2019 @ 2:23 pm

By Greg Iacurci

Finra has barred a former LPL Financial broker for taking at least $1 million from clients for his personal use.

The broker, James Thomas Booth, took the funds from several customers over a five-year period through May 2019, according to a Finra letter of acceptance, waiver and consent filed July 1.

Instead of investing the money on clients' behalf, Mr. Booth deposited the funds into an account he controlled, and used them for personal means, the regulator said.

(More: Here's what top Finra executives get paid)

Mr. Booth's attorney, Frank P. Bevilacqua of DePanfilis & Vallerie, declined to comment.

The Financial Industry Regulatory Authority Inc. launched an investigation of Mr. Booth's conduct after receiving information from LPL, which had conducted its own internal investigation into his conduct. LPL fired Mr. Booth in May as a result of that investigation.

(More: Finra arbitration panel awards client $967,000 in churning, fraud, negligence case)

Mr. Booth joined LPL in February 2018 after his previous firm, Invest Financial Corp., was purchased by LPL as part of its acquisition of the National Planning Holdings brokerage network.


What do you think?

View comments

Recommended next


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