Former LPL Broker Sentenced to 20 Years for Stealing $1.8 Million from Clients
Sonya Camarco, a former broker at LPL Financial, was sentenced to 20 years in prison pleading guilty to diverting more than $1.8 million in client funds for personal use between January 2013 and May 2017.
Sonya Camarco, a former broker at LPL Financial, was sentenced to 20 years in prison pleading guilty to diverting more than $1.8 million in client funds for personal use between January 2013 and May 2017. LPL is the nation’s largest independent broker-dealer.
She received 10 years for one count of securities fraud and 10 years for one count of theft over $100,000. A probation sentence of 20 years was also given for one count of filing false tax returns, to be served concurrently with the prison sentence.
“This sentencing sends a clear message that fraud committed by securities professionals will be prosecuted and punished,” said Attorney General Cynthia Coffman. “My office will continue to work collaboratively with our enforcement partners at the Colorado Division of Securities to protect Coloradan investors from predators in the financial market.”
Carmarco became an investment adviser representative and registered representative for LPL Financial beginning in February 2004. Following an internal investigation in July of 2017 regarding a suspicious check drawn on a client account, it was discovered that numerous checks had been drawn on several accounts belonging to her clients. Camarco deposited the checks into an account that she controlled and used the funds for various personal expenditures such as credit card payments, real estate, taxes, and automobile expenses.
“Cases involving securities professionals that we license and who are accused of theft of client funds are a top enforcement priority for us,” commented Colorado Securities Commissioner Gerald Rome. “Professionals who hold these trusted positions, but who nevertheless commit these types of crimes should know that the resulting penalty will be severe.”
In addition to the Department of Corrections sentence, Camarco was ordered to pay $1.8 million in restitution to her victims.
