The New York City law firm Fitapelli Kurta said that is has filed securities arbitrations related to the alleged theft of funds by Norwalk financial adviser James Booth, who was affiliated with LPL Financial.
According to the law firm, Booth was registered with LPL Financial until he was terminated on May 30. LPL Financial sent letters to Booth’s former clients asking if they authorized withdrawals from their securities accounts to an entity called Insurance Trends Inc., which Fitapelli Kurta identified as shell company. Fitapelli Kurta added that Booth allegedly instructed his clients to write checks to Insurance Trends Inc. under the pretense that their funds would be invested, but noted Booth allegedly created bogus customized performance reports detailing nonexistent activity.
Fitapelli Kurta stated that it is seeking the return of investor’s funds, plus interest, attorneys’ fees and punitive damages. Booth also operated a company called Booth Financial Associates, but that entity’s website and social media pages have been taken down while Booth’s LinkedIn profile said his company ceased operations last month. The LinkedIn page omits any mention of Booth’s involvement with LPL Financial.