If you were with James “Jimmy” Booth, and question whether you are a victim of investment fraud, please call 1-866-817-0201. Booth has previously been a broker for LPL, Invest Financial, and Cadaret, Grant & Co. He did business for these firms under the name “Booth Financial Associates.”
In May 2019, FINRA, the regulator overseeing securities brokers, began an investigation into the Booth matter after receiving information from Booth’s former employer, LPL, following an internal investigation. During the Relevant Period, multiple customers of Booth gave him their savings totaling at least approximately $1,000,000 to invest on their behalf.
Booth, however, deposited the funds into an account he controlled and, instead of using the funds for investment purposes, used them for his own personal use. FINRA rules provides that “[n]o member or person associated with a member shall make improper use of a customer’s securities or funds” and that “[a] member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade. ”
FINRA barred Booth from ever serving as a securities broker as part of the settlement of the regulatory matter.
LPL has sent letters to some of the impacted investors to ask them if they authorized the withdrawals in their accounts. For full recovery, investors should speak to an attorney.
Booth primarily worked in the Norwalk, CT area but it is believed that he had investors nationwide.
Booth has a history of customer disputes going back to 2004.