Advisor Alert: Our Attorneys Are Investigating James Thomas Booth For Investment Fraud

Chetan Patil on November 2, 2023

Did You Lose Money Because of James Booth?

Filed: November 2, 2023

James Booth has been the subject of three (3) regulatory events, one (1) criminal event, one (1) civil event, one (1) termination event, and thirty-six (36) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on James Thomas Booth.

Who Is James Thomas Booth?

Advisor Name: James Thomas Booth
Aliases: James Booth
CRD: 1906145
Location: Norwalk, Connecticut
Current Employer: No Longer Allowed to Practice in the Securities Industry
Previous Firms: LPL Financial LLC, Invest Financial Corporation, Cadaret Grant & Co., Inc.
Number of Known Customer Complaints: 36
Number of Known Regulatory Events: 3
Number of Known Criminal Events: 1
Number of Known Civil Events: 1
Can James Booth Be Sued: Yes, in Private Arbitration
Can James Booth’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
Highest Damages Allegation: $180,000
Highest Settlement: $2,612,358.15

If you have suffered investment losses by James Booth, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against James Booth For Broker Misconduct

As of this publication date, James Booth has been the subject of 3 regulatory events, 1 criminal event, 1 civil event, and 36 customer disputes. Let’s review them below.

In April 2020, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Cadaret Grant & Co., Inc. alleging misappropriated funds. On September 9, 2021, Mr. Booth settled the claim for $135,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In February 2020, Connecticut initiated a regulatory action against or in reference to James Booth for violating the antifraud provisions in Section 36b-4(a) of the Connecticut Uniform Securities Act and engaged in dishonest or unethical practices while associated with his past two employing firms from 2013 to 2019. More specifically, respondent Booth allegedly solicited firm clients to invest in outside opportunities and send their funds to Insurance Trends, Inc. The action also alleged that respondent Booth then used investor funds for his personal expenses and that he fabricated client account statements to reflect investments that were, in fact, never made. Booth allegedly misappropriated approximately $5 million in investor funds.

In December 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On November 10, 2020, Mr. Booth settled the claim for $80,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In November 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted the client’s funds to support a Ponzi scheme using multiple shell companies, which claimant only later discovered in June 2019. On June 25, 2020, Mr. Booth settled the claim for $120,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In November 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On June 1, 2020, Mr. Booth settled the claim for $35,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In November 2019, United States Securities And Exchange Commission initiated a regulatory action against or in reference to James Booth. On October 22, 2019, Booth pleaded guilty to one count of securities fraud in violation of Title 15 United States Code, Sections 78(j)(b) and 78ff(a) before the United States District Court for the Southern District of New York, in United States v. James T. Booth, Crim. No. 19-cr-00699.

In October 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted the client’s funds to support a Ponzi scheme using multiple shell companies, which claimant only later discovered in June 2019. On August 4, 2020, Mr. Booth settled the claim for $125,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In October 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On May 6, 2020, Mr. Booth settled the claim for $225,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which the claimant only later discovered in June 2019. On November 10, 2020, Mr. Booth settled the claim for $25,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which the claimant only later discovered in June 2019. On November 10, 2020, Mr. Booth settled the claim for $80,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which the claimant only later discovered in June 2019. On November 10, 2020, Mr. Booth settled the claim for $790,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which the claimant only later discovered in June 2019. On February 27, 2020, Mr. Booth settled the claim for $83,428.87, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On May 13, 2020, Mr. Booth settled the claim for $100,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On November 4, 2021, Mr. Booth settled the claim for $12,500, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In September 2019, felony charges were pressed against James Booth in United States District Court for the Southern District of New York. Mr. Booth received 1 felony charge for Wire Fraud and 1 felony charge for Investment Advisor Fraud, and 1 felony charge for Securities Fraud.

In September 2019, United States Securities And Exchange Commission initiated a civil action against or in reference to James Booth for allegations as follows: Booth conducted a multi-year scheme that defrauded approximately 40 investors out of nearly $4 million. Booth made false or misleading statements to retail investors, telling them their assets would be used to purchase securities. Instead, Booth pocketed the investors’ money, using the investors’ money to pay personal and business expenses and, from time to time, to pay prior investors in order to keep the scheme going. Many of Booth’s clients and customers were unsophisticated investors, including seniors who utilized Booth’s services for their retirement savings. In furtherance of the scheme, Booth fabricated elaborate account statements, which were provided to the investors. The fabricated account statements reflected various ownership positions, transactions and earnings, all to create the false appearance that the investors’ money had been invested as promised; some statements even included fictitious securities and values. When investors requested withdrawals, Booth routinely used assets fraudulently acquired from other investors to cover those withdrawals. As a result of the conduct alleged herein, the Defendant violated, and unless restrained and enjoined will continue to violate Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder; Section 17(a) of the Securities Act of 1933 (“Securities Act”); and, Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 (“Advisers Act”).

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Cadaret, Grant & Co., Inc. alleging that Mr. Booth converted the client’s funds to support a Ponzi scheme using multiple shell companies, which claimant only later discovered in June 2019.

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On June 1, 2020, Mr. Booth settled the claim for $170,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Cadaret Grant & Co., Inc., Invest Financial Corporation, and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On July 30, 2020, Mr. Booth settled the claim for $2,612,358.15, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Cadaret Grant & Co., Inc., Invest Financial Corporation, and LPL Financial LLC alleging that over several years, Mr. Booth converted their funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On November 10, 2020, Mr. Booth settled the claim for $65,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that Mr. Booth converted the client’s funds to support a Ponzi scheme using multiple shell companies, which claimant only later discovered in June 2019. On November 10, 2020, Mr. Booth settled the claim for $85,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that Mr. Booth converted the clients’ funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On May 13, 2020, Mr. Booth settled the claim for $250,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that Mr. Booth misappropriated the client’s funds by depositing her funds into an account for an entity that Booth controlled, which claimant only later discovered in June 2019. On December 31, 2019, Mr. Booth settled the claim for $96,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In August 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that Mr. Booth converted the clients’ funds to support a Ponzi scheme using multiple shell companies, which claimants only later discovered in June 2019. On June 25, 2020, Mr. Booth settled the claim for $250,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a complaint was filed against or in reference to James Booth by a customer of LPL Financial LLC alleging that in May 2019, Mr. Booth solicited the client to write a check payable to a company controlled by Booth. Per the customer, she lost over $18,000 because of Mr. Booth’s actions. On August 12, 2019, Mr. Booth settled the claim for $18,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, FINRA initiated a regulatory action against or in reference to James Booth. Without admitting or denying the findings, Booth consented to the sanction and to the entry of findings that he converted funds, totaling at least approximately $1,000,000 that multiple customers of his gave him to invest on their behalf, he however deposited the funds into an account he controlled and, used them for his own personal use.

In July 2019, a complaint was filed against or in reference to James Booth by a customer of LPL Financial LLC alleging that Mr. Booth solicited the client to write personal checks and also misappropriated funds from the customer’s brokerage account payable to an entity that the advisor controlled misappropriated funds between April 2018 and January 2019. Per the customer, he/she lost over $180,000 because of Mr. Booth’s actions. On January 14, 2020, Mr. Booth settled the claim for $192,061.67, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a complaint was filed against or in reference to James Booth by a customer of LPL Financial LLC alleging that in May 2019, Mr. Booth solicited the client to write a check payable to a company controlled by Booth. Per the customer, she lost over $45,000 because of Mr. Booth’s actions. On August 23, 2019, Mr. Booth settled the claim for $45,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a complaint was filed against or in reference to James Booth by a customer of LPL Financial LLC alleging that between August 2018 and May 2019, Mr. Booth caused checks to be issued from the client’s brokerage account payable to an entity that Booth controlled. Per the customer, he lost over $50,651 because of Mr. Booth’s actions. On August 20, 2019, Mr. Booth settled the claim for $50,651, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a complaint was filed against or in reference to James Booth by a customer of LPL Financial LLC alleging that in December 2018, Mr. Booth solicited the client to write a check payable to a company that Booth controlled. Per the customer, he lost over $28,500 because of Mr. Booth’s actions. On August 20, 2019, Mr. Booth settled the claim for $27,970, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over a period of several years, Mr. Booth misappropriated funds by depositing claimants’ funds into accounts for several entities that Booth controlled, which claimants only later discovered in June 2019. On November 10, 2020, Mr. Booth settled the claim for $475,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a FINRA arbitration was filed against or in reference to James Booth by a customer of Invest Financial Corporation and LPL Financial LLC alleging that over a period of several years, Mr. Booth misappropriated funds by depositing claimant’s funds into accounts for several entities that Booth controlled, which claimant only later discovered in June 2019. On April 8, 2020, Mr. Booth settled the claim for $206,719.18, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over a period of several years, Mr. Booth misappropriated funds by depositing claimants’ funds into accounts for several entities that Booth controlled, which claimants only later discovered in June 2019. On January 30, 2020, Mr. Booth settled the claim for $537,963.08, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that over a period of several years, Mr. Booth misappropriated funds by requesting the customers to write checks out of their brokerage accounts payable to an entity which Booth controlled, which customers only later discovered in June 2019. On April 9, 2020, Mr. Booth settled the claim for $577,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In July 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of LPL Financial LLC alleging that Mr. Booth misappropriated funds by convincing the customers to invest in a shell company under his control. On June 26, 2020, Mr. Booth settled the claim for $490,000, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In June 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of Invest Financial Corporation and LPL Financial LLC alleging that sometime after 2009, Mr. Booth misappropriated funds by convincing the customers to invest in a shell company under his control which claimant only later discovered in June 2019. On June 26, 2020, Mr. Booth settled the claim for $1,206,652.82, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In June 2019, a FINRA arbitration was filed against or in reference to James Booth by multiple customers of LPL Financial LLC alleging that Mr. Booth failed to follow trade instructions, which resulted in a loss. On August 21, 2019, Mr. Booth settled the claim for $8,559.32, and some or all of this amount may have been paid by Mr. Booth’s employer and/or insurance carrier.

In May 2016, a complaint was filed against or in reference to James Booth by a customer of Cadaret, Grant & Co., Inc. alleging that a loan was taken out on the client’s life insurance policy in 2004 for which he has never received the proceeds. Per the customer, he lost over $27,000 because of Mr. Booth’s actions.

In December 2004, a complaint was filed against or in reference to James Booth by a customer of Cadaret, Grant & Co., Inc. alleging that the client was unhappy with service provided on an advisory account from August 2003 to December 2004. The client also added that he/she is unhappy paying advisory fees. Per the customer, he/she lost over $23,502 because of Mr. Booth’s actions.

In January 2004, a complaint was filed against or in reference to James Booth by a customer of Cadaret, Grant & Co., Inc. alleging an unsuitable investment.

In May 2019, LPL Financial LLC terminated James Booth for admitting to course of conduct beginning while associated with previous member firms involving the misappropriation of multiple clients’ funds for his personal and business use.

How To File A Claim Against James Booth (previously with LPL Financial LLC, Invest Financial Corporation, Cadaret Grant & Co., Inc.) To Get Your Money Back.

If you have questions about James Booth, LPL Financial LLC, Invest Financial Corporation, Cadaret Grant & Co., Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.

Category: LPL Financial