Silver Law Group is currently investigating Colorado Springs, CO based broker Sonya D. Camarco regarding complaints pertaining to failure to provide due diligence to investor clients, misappropriation of client funds, and misrepresentation.
Based on FINRA’s BrokerCheck report on Camarco, a complaint was filed on August 23, 2017 alleging that Camarco since approximately 2004 has misappropriated more than $2.8 million in investor funds from her clients and customers while employed at LPL Financial LLC by using her wholly owned company Camarco Investments, Inc. to funnel investor funds to her personal bank account. The complaint, commenced on August 23, 2017, is still pending; however, the damages are expected to be substantial. As a result of the complaint filed, clients have filed subsequent complaints dated on 12/05/2017 in the amount of $19,436.43 in damages for securities fraud and theft, 10/11/2017 in the amount of $12,664.75 in damages for securities fraud and theft, and on 10/20/2017 alleging damages of $52,234.20 that is still pending for breach of fiduciary duty with respect to an elderly individual, conversion, and fraud. As a result of these claims and additional pending actions, Camarco has received a permanent suspension from the securities industry.
Camarco has been employed at Linsco/Private Ledger Corp. from 2004 to the present. Previously, Camarco was employed at LPL Financial LLC from 2004 to 2017, Morgan Stanley DW Inc. from 2000 to 2004, and Merrill Lynch Pierce, Fenner & Smith Incorporated from 1993 to 2000.
Misappropriation of client funds can occur when a broker and/or brokerage firm utilizes client funds for transactions that the client did not consent to. In many cases, the nature of these transactions are trades and/or transfers that the client would not have originally consented to had they known the entire details of the transaction.
When a broker or brokerage firm fails to provide due diligence to investor clients, it signifies that they have not undertaken the required investigations into the safety and reliability of the securities that they are investing investor funds into. Brokerage firms are required to appoint a manager to conduct investigations and brokers working in investment firms are required to meet industry standards regarding to providing investor clients with due diligence on every transaction.
Misrepresentation can occur when a broker and/or brokerage firm neglects to disclose key facts or intentionally attempts to mislead investors into pursue risky investment choices. If you invested your capital due to misleading information that was provided to you by a broker willingly or by a broker that did not perform their due diligence to ensure that the securities that you were investing with were safe or fraudulently mismanaged your funds for an exterior enterprise that comingled funds into their personal accounts, then you have the potential of recovering some or even all of your money through FINRA arbitration.
FINRA arbitration is a streamlined way to recover your funds that were lost due to failure to provide due diligence or misrepresentation. The Silver Law Group solely works on a contingency fee basis, which means that you will not have to pay any fees upfront until we recover money for you.
Contact Our Firm if You’ve Invested with Sonya D. Camarco
If you invested with Sonya D. Camarco and LPL Financial LLC and have lost money doing so, then you have the potential to recover part or all of your losses. Our firm has many years of experience dealing with recovering investor losses from broker/brokerage misconduct and mismanagement through FINRA arbitration.
Silver Law Group is dedicated to representing the interests of investors who have been victims of investor fraud. If you have questions regarding your potential for recovery or legal rights, please contact Scott Silver or the Silver Law Group for a complimentary consultation at email@example.com or toll-free at (800) 975-4345.