Ex-LPL Advisor Hit With 20-Year Prison Sentence
A former LPL financial advisor has been sentenced to 20 years in prison for diverting client funds for personal use, according to the Colorado Springs Business Journal.
From January 2013 to May 2017, Sonya Camarco of Colorado Springs, Colo., diverted more than $1.8 million in client funds for personal use, such as real estate, taxes, car expenses and credit card payments, the paper writes, citing a news release published by the Colorado Department of Regulatory Agencies.
Camarco pleaded guilty to one count of securities fraud and one count of theft over $100,000, receiving a 10-year sentence for each, according to the Business Journal.
Camarco also received a probation sentence of 20 years for filing false tax returns, which she’ll serve concurrently with her time in prison, the paper writes.
She must also pay $1.8 million in restitution, according to the Business Journal.
LPL launched an investigation of Camarco regarding a suspicious check in July 2017 and subsequently found that she had drawn numerous checks on client accounts payable to an account she controlled, the paper writes.
LPL discharged Camarco in August 2017 after she had been with the firm for 13 years “for depositing third party checks from client accounts into a bank account she controlled and accessing client funds for personal use,” according to her BrokerCheck profile.
That same month the SEC obtained a court order to freeze Camarco's assets.
Camarco, who began her career in the industry at Merrill Lynch in 1993, has no disclosure records prior to her termination from LPL. Since then, however, she has faced nine customer disputes, seven of which have been settled and one of which has been denied, with one still pending, according to BrokerCheck. The claims in the disputes range from misappropriation or misrepresentation of funds to breach of fiduciary duty and fraud.