A good deal of investors are unaware of the legal recourse available to them after losing money due to securities broker negligence or fraud. Investors that have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors that believe they may have been a victim of securities broker fraud and/or negligence.

Oakes & Fosher is currently investigating former securities broker James T. Booth for possible misconduct or negligence. According to his publicly available FINRA BrokerCheck report, James T. Booth was the subject of multiple customer disputes.

James T. Booth operated most recently as a Connecticut based securities broker. He worked in the securities industry for twenty-eight years. During his career, he was registered with six different securities firms.

His Registrations

  • One Wall Street Brokerage (1989)
  • Reliastar Financial Marketing Corp. (1990-1992)
  • Guardian Investor Services Corporation (1992-1993)
  • Cadaret, Grant & Co. (1993-2005)
  • Invest Financial Corporation (2005-2018)
  • LPL Financial (2018-2019)

The Allegations

James T. Booth has been the subject of multiple complaints all centered around him allegedly misappropriating customer funds. According to a FINRA report, he converted funds from multiple customers. He allegedly told customers that he would invest their funds on their behalf in a shell company that he controlled, but instead deposited the funds into his own bank account. He then allegedly used the funds for his own personal use. The misappropriated funds totaled approximately $1 million. Due to these alleged actions, he was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers misappropriating funds is just another form of theft. The only thing that is different is that the broker deceives the investor and convinces them to trust them with their funds. The broker then uses the money they were trusted with for purposes they did not discuss with the customer. Securities brokers, like James T. Booth, continue to perpetrate this act despite the consequences because they feel they believe they can get away with it. They usually have enough confidence in themselves that they funnel customer funds into their own bank account and plan to return it after making money through other investments. Investors who have lost money due to their securities brokers misappropriating their funds may be entitled to damages.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with James T. Booth, please contact Oakes & Fosher for a free and private consultation.