AMES T. BOOTH (CRD#: 1906145), a 74 year-old, former LPL Financial broker was arrested in Norwalk, Connecticut, on Monday, September 30, 2019, and according to the Department of Justice’s website, charged with securities fraud, wire fraud, and investment advisor fraud charges in connection with his years-long scheme to defraud clients of approximately $5 million. Allegedly, James T. Booth used his clients’ money to pay his own personal expenses and ran a Ponzi-like scheme.
The lawsuit alleges that James T. Booth, the founder and owner of Booth Financial Associates, a company that provided advisory services and sold insurance products, allegedly preyed on the unsophisticated investors and seniors seeking advisor services for their retirement savings.
From 2013 through 2019, James T. Booth allegedly solicited money from clients of Booth Financial and falsely promised to invest their money in securities offered outside of their advisory and brokerage accounts, and according to the Department of Justice, directed some of his clients to write checks or wire money to an entity named Insurance Trends Inc. of which Booth controlled the bank account. Allegedly instead of investing the clients’ funds, James T. Booth misappropriated his clients’ funds to pay his personal and business expenses. According to the lawsuit, Booth raised nearly $4.9 million from approximately 40 investors by allegedly promising safe investments with high returns.
According to the indictment, in one alleged instance, James T. Booth convinced a widowed elderly woman to move the money from her late husband’s pension into Insurance Trends. Booth, the lawsuit claims, allegedly promised the elderly widow that she would have $1 million by the time she was 100 years old.
The Financial Industry Regulatory Authority Inc. (FINRA) barred James T. Booth from the securities industry.
The following article is from our blog dated July 11, 2019:
According to FINRA’s BrokerCheck, James T. Booth was discharged by LPL Financial in May of 2019. Booth has 31 Disclosures on his CRD report. 29 are Customer Disputes. LPL Financial has settled five customer complaints so far which involved Booth.
James T. Booth had been in the securities industry for 28 years and was listed with 6 firms, the most recent below:
02/14/2018 – 06/26/2019 LPL FINANCIAL LLC – NORWALK, CT
12/07/2005 – 02/14/2018 INVEST FINANCIAL CORPORATION – NORWALK, CT
Contact Soreide Law Group at 888-760-6552 and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses if you or an elderly family member suffered losses in the alleged Ponzi-like scheme of the former LPL Financial of Norwalk Connecticut, broker, James T. Booth.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.