The Securities and Exchange Commission announced Thursday 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 affiliated with LPL Financial in Colorado Springs, CO from 2004 until 2017.
During the 13 year time period, Camarco allegedly stole money from her clients’ accounts and then lied to her clients about the withdrawals, according to the SEC complaint. The SEC claims 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 allegedly deposited the checks to a bank account in the name of “Camarco Investments Inc.,” an entity for which she 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.
The SEC complaint alleges Camarco told her clients that C Investments was an outside investment that she made on their behalf when they confronted her. The complaint further alleges that when confronted by her employer, LPL Financial, 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.
Camarco Investments Inc. and Camarco Living Trust were also charged by the SEC as relief defendants based on their alleged receipt of stolen client funds.
The SEC’s complaint seeks disgorgement of allegedly ill-gotten gains plus interest from all the defendants and seeks a permanent injunction against and penalties from Camarco. The complaint was filed in federal court in Colorado.
If you have concerns about investments you made with Sonya Camarco, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
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