Securities Lawyers Blog
The investment lawyers of Gana Weinstein LLP are investigating allegations by the Securities and Exchange Commission (SEC) finding that LPL Financial LLC (LPL) advisor, Sonya D. Camarco (Camarco), misappropriated over $2.8 million in investor funds from her clients and customers. LPL terminated Camarco in August 2017 “for depositing third party checks from client accounts into a bank account she controlled and accessing client funds for personal use.”
Camarco is a 23-year industry veteran. From 1993 to 2000, Camarco was associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated. Thereafter, from 2000 to 2004, Camarco became registered with Morgan Stanley DW Inc. Finally, from 2004 to 2017, Camarco was associated with LPL Financial LLC.
According to FinancialPlanning, Camarco faces five counts of fraud charges and an asset freeze after investigators said she used third-party checks and other means to forward client funds towards personal expenses. Camarco allegedly forged clients’ signatures on at least 120 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.