Zamansky LLC Investigates James K. Couture and LPL Financial for Investment Fraud, Theft of Customer Funds
In January 2023, James K. Couture of Worcester, Massachusetts who had pled guilty in September to being involved in an investment fraud scheme to steal $2.8 million from six clients was sentenced to 100 months, more than eight years, in prison.
“From approximately 2009 to 2020, Couture misappropriated approximately $2.8 million from his clients by transferring funds out of his clients’ accounts, investing it in fictitious mutual funds and then selling other clients’ holdings to pay investment returns,” according to the U.S. Attorney’s statement from Jan. 11. “In June 2016, Couture liquidated one client’s variable annuities to fund withdrawals by another client. Similarly, in December 2019 and January 2020, Couture paid a client he had previously defrauded by selling other clients’ mutual funds.”
From February 2009 through July 2020, James Couture was a registered representative of LPL Financial. As such, Couture was subject to the supervision of LPL Financial which had a duty to detect and prevent this type of investment fraud scheme.
Contact an Investment Fraud Attorney Today For Immediate Assistance
If you have investment fraud losses at LPL Financial, please call investment fraud attorney Jake Zamansky at (212) 742-1414 or email firstname.lastname@example.org for a free evaluation of your potential legal rights.