Former LPL Financial Advisor Sonya Camarco – Colorado Springs, Colorado
According to reports today, Sonya Camarco, former LPL Financial advisor, has been sentenced to 20 years in prison for allegedly stealing client funds.
From January 2013 to May 2017, Camarco purportedly diverted more than $1.8 million in client funds for personal use, including real estate, taxes, car expenses and credit card payments, according to a press release published by the Colorado Department of Regulatory Agencies.
Camarco received a 10-year sentence each; for one count of securities fraud and one count of theft over $100,000 according to reports. She also received a probation sentence of 20 years for filing false tax returns, which she’ll serve concurrently with her time in prison. Camarco is also required to pay $1.8 million in restitution.
According to her BrokerCheck report, Camarco was registered with LPL Financial in Colorado Springs, Colorado from February 2004 until August 2017 when she was fired “for depositing third party checks from client accounts into a bank account she controlled and accessing client funds for personal use.” After her dismissal, the SEC reportedly obtained a court order to freeze Camarco’s assets.
Camarco has nine customer disputes listed on her broker report. The allegations include misappropriation or misrepresentation of funds, breach of fiduciary duty and fraud.
Failure to Supervise
The White Law Group continues its investigation involving Sonya Camarco and the liability her employer may have for failure to supervise her alleged activities.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Sonya Camarco and LPL Financial, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Colorado, Florida.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.