Sonya Camarco Customers Still Have Claims to Recover Loses from the Ex-Broker

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Between August 2017 and December 2017, six FINRA arbitration claims were filed against the former Colorado based broker Sonya Camarco alleging misrepresentations of a trust or misappropriations of customer funds, according to Financial Regulatory Authority, Inc. (FINRA) records.

In October and December two of the claims settled, with at least one for 100% of claimed damages.  FINRA records indicate Camarco did not contribute to the settlements and LPL paid them.  The other claims are pending.

The claims began after LPL publicly disclosed on August 9, 2017 that it discharged Camarco for “depositing third party checks from client accounts into a bank account she controlled and accessing client funds for personal use.”

Following her dismissal, on August 23, 2017, the Securities and Exchange Commission (SEC) filed charges in the U.S. District Court of Colorado against Sonya Camarco for violating anti-fraud laws.  Camarco Investments, Inc. and Camarco Living Trust are also named defendants.

The SEC alleges Camarco misappropriated over $2.8 million in investor funds from her customers from at least 2004 through August 2017.  Camarco liquidated customers’ securities and withdrew their funds through unauthorized checks, said the SEC.

This action was followed by FINRA suspending Camarco from associating with firms registered with FINRA on October 10, 2017, and then permanently barring her association with firms on December 18, 2017.

Firms are required to adequately supervise their brokers to prevent misconduct (Marquardt Law Office LLC has reported on LPL’s recent sanctions for its alleged supervisory deficiencies).  Customers have the right to pursue claims against brokerage firms for inadequate supervision of brokers.  Moreover, courts and arbitrators may hold firms jointly responsible for their broker’s misconduct.

If you suffered losses while investing with Sonya Camarco, contact Marquardt Law Office LLC to speak with a securities attorney and receive a free case evaluation.

Marquardt Law Office LLC is a securities law firm located in Chicago, IL that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.

Adam J. Marquardt

Adam Marquardt represents investors in securities litigation claims such as unsuitable investments, negligence, and fraud. He is dedicated to recovering financial losses for investors, primarily through FINRA arbitration. Adam’s background includes experience as a FINRA regulator, an accountant and auditor, and an attorney who recovered $8 million litigating cases involving fraudulent financial practices. Adam previously passed the Certified Public Accountant (CPA) exam and is an attorney licensed in Illinois.

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