LPL Financial Settles Stockbroker Theft Cases For $5 Million
Sonya D. Camarco (also known as Sonia D. Fatchett and as Sonya D. Fatchett-Camarco) of Colorado Springs Colorado a stockbroker formerly employed by LPL Financial LLC has been identified in a customer initiated investment related arbitration claim which has been resolved for $4,200,000.00 in damages founded on accusations that the customer’s funds were misappropriated or stolen by Camarco when she was employed by LPL Financial. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02440 (Nov. 4, 2019).
FINRA Public Disclosure indicates that Camarco is the subject of eight more customer initiated investment related disputes alleging her bad business practices during the period in which she was employed by securities broker dealers including LPL Financial. Specifically, on January 6, 2018, a customer initiated investment related complaint pertaining to Camarco had been settled for $19,436.43 in damages supported by allegations that when Camarco was employed by LPL Financial, she apparently took possession of a customer’s funds by fraudulent means. In addition, a customer initiated investment related complaint in reference to Camarco has been resolved for $650,000.00 in damages on August 23, 2018 based upon accusations that when Camarco was associated with LPL Financial, she made off with the customer’s funds.
FINRA Public Disclosure reveals that Camarco has been barred from associating with any FINRA member in any capacity based upon allegations that the stockbroker neglected to respond to the regulator’s request for information about her activities. FINRA Case No. 2017055240601 (Dec. 18, 2017). Camarco was subsequently ordered to refrain from engaging in any activities violative of federal securities laws or regulations supported by allegations that the stockbroker used Camarco Investments to defraud investors and that $2,800,000.00 in customer funds were misappropriated or stolen by the stockbroker. United States Securities and Exchange Commission v. Sonya Camarco Case No. 1:17cv2027 (Apr. 9, 2019).
SEC alleged that Camarco stole from her elderly customers so that she could fund the purchase of multiple homes, luxurious vacations and even horses. The stockbroker was charged with violating Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, Securities Act of 1933 Section 17(a) and Investment Advisers Act of 1940 Section 206.
Camarco pleaded guilty to securities fraud and theft and was sentenced to a total of twenty years behind bars. Criminal Action No. 2017CR926 (Sept. 21, 2018).