Finra bars broker accused of stealing $1 million from clients

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 02, 2019

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.

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