The Investor’s Watchdog

The Investor's Watchdog

James Booth Consents to FINRA Bar for Converting more than $1 Million in Customer Funds

Monday, July 15, 2019

Registered representative James T. Booth, most recently associated with LPL Financial LLC in Norwalk, Connecticut, consented to FINRA sanctions to resolve allegations of converting customer funds in violation of FINRA Rules 2150(a) and 2010.

According to his FINRA BrokerCheck report, Booth was associated with LPL Financial LLC in Norwalk, Connecticut from February 2018 to June 2019 and Invest Financial Corporation from December 2005 to February 2018. Between at least April 2014 to May 2019, while associated with these firms, several customers gave Booth funds totaling over $1 million to invest on their behalf. FINRA claims that instead of investing these funds, Booth deposited the funds into an account that he controlled and used them for personal use. Thus, Booth violated FINRA 2150(a) that states “[n]o member or person associated with a member shall make improper use of a customer’s securities or funds.”

Without admitting or denying the allegations made against him by FINRA, James Booth consented to a bar from associating with any FINRA member firm in any capacity.

Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm.  If you lost money due to James Booth’s alleged misconduct, you may be able to recover from him or LPL Financial, LLC or Invest Financial Corporation, the brokerage firms where he was registered. Since 1998, the attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.


Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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