Sonya Camarco, an target=”_blank” rel=”noopener noreferrer”>ex-LPL Financial (LPLA) broker, has been sentenced to 20 years in prison after she admitted to stealing $1.8M from clients. Camarco, who worked for the brokerage firm in Colorado, was indicted by a grand jury last year on multiple counts of securities fraud. She pleaded guilty to one count of each.
According to the broker fraud case against her, between 2013 and 2017, Camaro stole over $1.8M from clients for her own use. In August 2017, LPL Financial fired her. That same month, the US Securities and Exchange Commission was able to get an emergency court order and asset freeze against Camarco. The SEC’s complaint said that the theft took place over 13 years and the ex-LPL broker lied to clients about the money she was taking from their accounts.
The SEC also accused Camarco of forging client signatures on checks and liquidating securities in their accounts so she could make unauthorized payments. When clients asked about the checks written to an entity named “C Investments”, Camarco lied by claiming that the entity was an outside investment she had made for them. The former broker also allegedly lied when LPL Financial confronted her about the fraud. All the while, she used client money to pay her mortgage and credit card bills.