Securities Arbitration Lawyers BlogFINRA Bars Former LPL Financial Broker Sonya Camarco After SEC Brings Charges Alleging Misappropriation of $2.8 Million of Client Funds
Silver Law Group is investigating former Colorado Springs, Colorado-based LPL Financial LLC broker Sonya Camarco (CRD# 2427529) after FINRA permanently barred her from the industry.
According to Camarco’s FINRA BrokerCheck report, FINRA barred Camarco in September 2017 after she failed to respond to its inquiry for information.
Sonya Camarco’s Employment with LPL Financial
Camarco’s issues began in August 2017 when LPL Financial terminated her after discovering that she was depositing third-party checks from client accounts into her own bank account. An SEC lawsuit was then brought later in August 2017 against Camarco that alleged she stole $2.8 million in investor funds from her clients and customers. Following the filing of the SEC lawsuit for misappropriation, FINRA barred Camarco for failing to respond to an FINRA inquiry.
Since the SEC filed charges against Camarco and FINRA barred her, five (5) LPL Financial customers have come forward and filed FINRA arbitrations alleging securities misconduct. Three (3) of the complaints remain pending. LPL Financial settled one (1) complaint. Most of the complaints allege misappropriation of funds and forgery. One of the complaints allege misconduct with respect to an elderly individual.
LPL Financial employed Camarco from 2004 until the brokerage firm discharged her at its Colorado Springs, Colorado branch. According to Camarco’s detailed CRD report, Camarco did business under her initials: SDC. She was also and currently is employed by LINSCO/Private Ledger Corp.
Misappropriation is an issue that does not require a great deal of explaining. In short, it’s stealing. FINRA has put into place strict procedures to be followed when reporting misappropriation. Under FINRA Rule 4530, registered representatives must promptly report in great detail any customer complaints involving the allegations of theft or misappropriation of funds or securities or of forgery.
Contact Our Firm if You’ve Invested with Sonya Camarco and LPL Financial
Our firm has a wealth of experience representing investors who have suffered losses at the hands of brokers and brokerage firms. We combine that experience with an ardent passion for pursuing claims against broker and brokerage firm misconduct.
If you have invested with Sonya Camarco and have suffered losses, contact our firm to discuss your options. Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.