NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- Fitapelli Kurta, a New York City based law firm, announces the filing of securities arbitrations related to alleged theft of funds by Norwalk, Connecticut financial advisor James “Jim” Booth of LPL Financial and Booth Financial. These actions seek the return of investor’s funds, plus interest, attorneys’ fees and punitive damages.
Jim Booth was registered with LPL Financial until he was terminated on May 30, 2019. After his termination his former clients were sent letters from LPL Financial asking if the clients had authorized withdrawals from their securities accounts to an entity called “Insurance Trends, Inc.” Insurance Trends, Inc. was a “shell company” that Jim Booth is alleged to have utilized to misappropriate funds from clients. According to Fitapelli Kurta’s own investigation, James Booth allegedly instructed his clients to write checks to “Insurance Trends, Inc.” and told them their funds would be used for legitimate investments. To conceal his activity, Jim Booth allegedly provided many of his clients with customized performance reports, which were nothing more than bogus statements showing securities that the clients did not actually own.
Mr. Booth’s former broker-dealer, LPL Financial, announced in a June 5, 2018 letter to clients that he was terminated, but the letter did not disclose specific details. Notably, LPL’s letter did not disclose that there are multiple active criminal investigations involving James Booth and Booth Financial. As of June 26, 2019, Booth Financial also appears to be shut down as its website is no longer active and its phones are not being answered.
If you or someone you know was a client of James Booth and/or Booth Financial and you are concerned you may be a victim, please contact Marc Fitapelli, Esq. or Jonathan Kurta, Esq. at 212-658-1500 or info@fkesq.com for a free and confidential case evaluation.
Fitapelli Kurta
28 Liberty Street, 30th Fl
New York, New York 10005
www.fkesq.com
212-658-1500
info@fkesq.com
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PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME
JAMES BOOTH IS PRESUMED INNOCENT UNTIL PROVEN GUILTY