JAMES BOOTH Barred From Securities Industry

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) barred LPL Financial LLC securities broker James Booth (CRD#: 1906145, Norwalk, Connecticut) for conversion. Evidently, Booth executed a Letter of Acceptance, Waiver and Consent (“AWC”) #: 2019062787101 on June 26, 2019, which FINRA accepted July 1, 2019. This AWC contains findings of Booth converting (e.g. stealing) from clients in violation of FINRA rules.

James Booth Violates FINRA Rules By Converting $1,000,000 From Investors


FINRA details in the AWC that Booth violated FINRA Rules 2150 (improper use of client funds) and FINRA Rule 2010 (FINRA’s ethics rule). Because of this, he can no longer act as a broker or associate with securities brokerage firms.

First of all, FINRA investigated Booth in May 2019, around the time LPL Financial disaffiliated with James Booth. Mainly, LPL Financial disclosed that Booth admitted he misappropriated client funds. FINRA says that over a five year period beginning on April 2014 and ending May 2019, Booth took $1,000,000 from clients for supposed investment purposes. However, Booth did not invest the client’s funds. Rather, Booth put the client’s money into Booth’s accounts where he used the client’s funds for himself.

LPL Financial Client Files Complaint About Booth Failing To Follow Trading Instructions


Aside from Booth’s disciplinary history, four clients brought complaints in regards to James Booth’s sales practices. The most recent complaint comes from an LPL Financial client who took issue with Booth (or the securities broker under Booth’s watch) supposedly not following the client’s instructions. Supposedly, in the complaint which the client brought June 6, 2019, the client suggested that the failure to follow instructions caused the client to incur a loss on listed equity holdings. As a result, the client seeks compensatory relief in this ongoing matter.

Cadaret Grant Investor Files Complaint About Not Receiving Proceeds From Loan


A client of Cadaret Grant & Co Inc. apparently brought a complaint to Allmerica Financial Life Insurance Company’s attention about an insurance policy loan which the customer did not receive. It appears that James Booth could have inappropriately executed this loan or failed to direct the proceeds to the client. Because of this, the client alleged $27,000 in damages. However, Allmerica or Cadaret Grant denied the client’s complaint on July 11, 2016.

Investors’ Complaints Suggest James Booth Responsible For Unsuitable Annuity, Bad Advisory Service


In 2004, two Cadaret Grant clients filed complaints about James Booth. In one of those complaints, the client expressed dissatisfaction with the client’s advisory account. Particularly, the client suggested that it was unreasonable for the client to pay certain advisory fees. Evidently, the other Cadaret Grant client disputed an annuity sale. Apparently, Booth was responsible for the client’s variable annuity purchase, which the client claimed to be unsuitable. However, those complaints closed without resolution.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Aside from LPL Financial LLC, James Booth also worked at Invest Financial Corporation, located in Norwalk, Connecticut. Have you experienced losses by investing with securities broker James Booth? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.