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

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.

Latest News

Why financial honesty is key to harmonious relationships
Why financial honesty is key to harmonious relationships

Nearly half of single Americans think their net worth shapes their fate in dating, but the biggest financial green flags tell a different story.

Osaic hit with class action over cash sweep payments
Osaic hit with class action over cash sweep payments

The hybrid RIA is the latest firm to face allegations that it enriched itself at customers' expense by paying unfairly low interest rates in its cash sweep programs.

LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth
LPL's Rich Steinmeier turns the page on CEO firing with eye on firm's growth

Installed after Dan Arnold's abrupt termination, the new leader at LPL Financial is highlighting the firm's refocusing on the individual advisor.

Pershing discussing move to control portion of broker-dealers’ cash.
Pershing discussing move to control portion of broker-dealers’ cash.

The clearing and custody giant is kicking the tires on new cash sweep plan with broker-dealer clients.

LPL, Raymond James boost advisor ranks anew
LPL, Raymond James boost advisor ranks anew

LPL Financial welcomes a $345 million investment and planning team from Ameriprise as RayJay's employee advisor arm adds a seasoned Well Fargo breakaway.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.