Ex-LPL advisor gets 20 years for fraud ahead of SEC, arbitration cases

LPL Financial and a former advisor who pleaded guilty to theft and securities fraud must pay at least $3.7 million in disgorgement and arbitration settlements — but the total could climb above $11 million.

Terminated ex-advisor Sonya D. Camarco received a 20-year prison sentence in late September, after a grand jury in Colorado charged her with diverting more than $1.8 million of her clients’ money toward her personal use. FINRA has barred Camarco, 47, and the SEC has filed a civil case against her as well.

Camarco “perpetrated an extraordinarily egregious fraud” through the use of unauthorized withdrawals and forged checks, according to the SEC’s case. The civil filing and a pending FINRA arbitration claim by a client seeking more than $5.9 million will decide the final total payments owed by LPL and Camarco. Read More