The White Law Group is investigating potential securities fraud lawsuits involving former LPL Financial advisor James T. Booth of Norwalk, CT.
Financial advisor James T. Booth was reportedly arrested and charged with an alleged multi-year, multi-million dollar Ponzi scheme on September 30, according to a press announcement this week.
Booth, 74, purportedly solicited money from over 40 clients of his financial services firm, Booth Financial, and allegedly falsely promised to invest their money in securities. Instead, he purportedly misappropriated nearly $5 million to pay his own personal and business expenses through an ongoing Ponzi-type scheme, according to the indictment.
Between 2013 through 2019, Booth purportedly directed some of his clients to write checks or wire money to an entity named “Insurance Trends, Inc.” Instead of investing the money, Booth allegedly funneled the funds from the Insurance Trends bank account which he controlled, to pay personal and business expenses, according to the indictment.
In May 2019, FINRA reportedly began an investigation after receiving information from LPL Financial following an internal investigation and reported dismissal of Booth. Consequently, Booth has reportedly been barred from the securities industry after allegations.
If you have suffered losses investing with James T. Booth, you may be able to recover your losses through FINRA arbitration. Please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.