August 24, 2017 Comments (0) Current Investigations

Former Broker Sonya D. Camarco Charged with Stealing Client Funds

Sonya D. Camarco
(Last Updated On: September 18, 2017)

SEC Obtains Asset Freeze Against Former LPL Broker Sonya D. Camarco

According to The Securities and Exchange Commission, an emergency court order and asset freeze has been obtained preventing former LPL broker Sonya D. Camarco from further dissipating stolen client assets. Camarco was registered with LPL Financial from 2004 until 2017.

During the 13 year time period, Camarco allegedly stole at least $2.8 million from her clients’ accounts to buy several homes and enrich herself and then lied to her clients about the withdrawals, according to the SEC complaint.  The SEC alleges that she appears to have forged client signatures on checks made out to an entity called “C Investments,” and had the checks sent to a private post office box that she rented.

Camarco had allegedly forged clients’ signatures on at least 129 first- and third-party checks, having them sent to a post office box at a UPS store and signing them over to an entity she controlled, C Investments, according to the SEC. Camarco purportedly took one widow victim for more than $1 million, investigators say.

The checks were reportedly deposited to a bank account in the name of “Camarco Investments Inc.,” an entity for which Camarco is the sole registered agent and which shares an address with her office. She also allegedly liquidated securities in her clients’ accounts to make unauthorized payments to accounts she controlled.

Sonya D. Camarco Discharged from LPL

According to FINRA BrokerCheck, Sonya D. Camarco, also allegedly known as Sonya Fatchett, was registered with LPL Financial LLC in Colorado Springs, CO from 02/27/2004  until 08/10/2017 when she was discharged for the above allegations. Camarco began her securities career in 1993 at Merrill Lynch, and moved to Morgan Stanley in 2000. Investigators believe the fraud began around the time Camarco joined LPL, according to reports.

The SEC complaint alleges that when confronted by clients, Camarco told them that C Investments was an outside investment that she made on their behalf. The complaint further alleges that when confronted by her employer, Camarco lied again, saying that she had no affiliation with C Investments and characterizing it as an outside investment held by one of her advisory clients. The SEC alleges that Camarco used the stolen client funds to pay her personal credit card bills and her mortgages.

The SEC also charged Camarco Investments Inc. and Camarco Living Trust as relief defendants based on their alleged receipt of stolen client funds.

The Camarco Trust  and her husband owns five houses, according to the SEC. Client funds accounted for at least some of the property in the trust’s name, and some of the client money also paid for mortgages on other properties, investigators say.

An SEC Enforcement Division investigator traced 30 first-party checks for $437,692 and 99 third-party checks for $2.04 million sent to the post office box, according to another affidavit filed this week. The funds came from 19 different client accounts, the investigator said.

The SEC’s complaint, filed in federal court in Colorado, seeks disgorgement of allegedly ill-gotten gains plus interest from all the defendants and seeks a permanent injunction against and penalties from Camarco.

Free Consultation

This information, which is publicly available on the SEC’s website, has been provided by The White Law Group.

If you have questions about investments you made with Sonya D. Camarco, the securities attorneys of The White Law Group may be able to help you.  To speak with a securities attorney, please call 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

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