In early September, we reported that the investment lawyers of Gana Weinstein LLP were investigating allegations by the Securities and Exchange Commission (SEC) finding that Sonya Camarco (Camarco) misappropriated over $2.8 million in investor funds from her clients and customers.
In a separate but parallel action, Colorado state authorities have arrested Camarco on charges that she stole $850,000 from clients. According to news sources, a Colorado grand jury indicted Camarco on six counts of securities fraud and seven counts of theft on September 21. Authorities say Camarco operated her scheme between January 2013 and May 2017. An SEC investigator allegedly traced nearly 130 checks from Camarco’s clients’ accounts to a post office box she controlled. Camarco is accused of using the money to pay her own credit card bills and taxes, and to buy real estate.
LPL terminated Camarco in August 2017 “for depositing third party checks from client accounts into a bank account she controlled and accessing client funds for personal use.”