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Articles Posted in Elder Abuse

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The State of Colorado has reportedly indicted former LPL financial advisor Sonya D. Camarco on six counts of securities fraud and seven counts of theft for allegedly diverting more than $850,000 in customer money for her personal use between January 2013 and May.  Ms. Camarco reportedly was terminated by LPL Financial in August 2017for “depositing third-party checks from client accounts into a bank account she controlled and accessing client funds for personal use.”

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In a news release, the Colorado Securities Division stated that an LPL Securities internal investigation concluded that Ms. Camaro had caused checks to be drawn on customer accounts and deposited in an account she controlled, and that she was using the funds for personal expenditures.

In August 23, 2017, the Securities and Exchange Commission (“SEC”) filed a civil complaint (the “Complaint”) against Ms. Camarco (“Camarco”) in federal court in Colorado.  As alleged in the Complaint, Ms. Camarco’s   fraudulent scheme involving misappropriation of client funds dates back to approximately 2004 and continued through at least August 2017.

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Recently, the North American Securities Administrators Association (“NASAA”) released a timely survey entitled ‘Seniors & Financial Exploitation’ (the “Survey”).  The Survey, which was conducted among NASAA’s membership of 67 state, provincial and territorial securities administrators in all 50 States, as well as the District of Columbia and Puerto Rico, in addition to the U.S. Virgin Islands, Canada and Mexico, asked a number of pertinent questions surrounding the issue of elder financial abuse and senior investor exploitation.

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With respect to the Survey, 36 regulators from member organizations provided formal responses.  Among the Survey data gathered from the Respondents were the following questions and answers:

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