The Goldman Scarlato & Penny PC law firm attorneys have launched an investigation into previously registered broker James Couture’s conduct in the wake of allegations of engaging in a scheme to misappropriate $2.9 million from his clients, as stated in the SEC’s Complaint, under review by attorney Alan Rosca. Investor rights attorney Alan Rosa and his colleagues of the Goldman Scarlato & Penny PC law firm are investigating conduct related to fraud allegations filed against James Couture and his alleged misappropriation of client funds. Interested investors who are concerned about their investment with Couture may call attorney Rosca or his colleagues at 888-998-0530 for a free case evaluation and discussion of potential options, or to provide any useful information to assist the James Couture investigation.
The Securities and Exchange Commission (SEC) filed a complaint against James Couture alleging he violated his fiduciary duty to his clients by engaging a deceptive scheme to misappropriate approximately $2.9 million from his advisory clients, as stated in the complaint.
The James Couture investigation revealed that as part of his alleged scheme to defraud, he allegedly advised his clients to sell portions of their securities holdings to fund large money transfers to an entity. Couture’s clients were allegedly unaware that the entity was owned and controlled by Couture, as stated in the Complaint.
The Complaint further alleges James Couture falsely informed his clients that their proceeds would be reinvested for their own financial benefit but, he allegedly used the client’s funds for his own use and benefit. Furthermore, Couture allegedly misappropriated that he reinvested his client’s money by providing his clients with fabricated documents showing securities transactions that never happened, nonexistent investments, and earnings that were never received by his clients.
As alleged in the Complaint, Couture allegedly used assets from previous advisory clients to fund withdrawal requests from other clients. To hide his alleged scheme, James Couture allegedly transferred client money through a web of third-party administrator accounts, as stated in the SEC Complaint.
As a result of Couture’s alleged misconduct, he has been sued by the SEC and criminally charged with fraud. Investor rights attorney Alan Rosca is investigating conduct related to James Couture’s alleged misappropriation of client’s funds.
FINRA sent Couture multiple requests for documents and information in connection to their investigation surrounding his alleged terminations from his FINRA member firm, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC).
The AWC further alleges Couture’s firm submitted a Form U5 terminating his registration and alleging that he altered identifying information, account balances, and distributions in customer account statements. In addition to allegations of maintaining comingled customer funds and using an unapproved email address.
FINRA allegedly received a response from James Kenneth Couture in August 2020 but the response was allegedly incomplete. In September 2020, FINRA was informed that Couture allegedly decided to cease complying with FINRA’s request for information and documents.
As a result of James Couture’s alleged misappropriation of client funds, and without admitting or denying the findings, Couture consented to FINRA’s sanction including a bar from associating with any FINRA member firm in all capacities and solely for the purposes of the proceeding brought by or on behalf of FINRA, prior to a hearing and without an adjudication of any issue of law or fact.
Concerned investors may contact attorney Rosca for a free case evaluation and discussion of potential options. Investors may call 888-998-0530, send an email to firstname.lastname@example.org, or complete the contact form on this webpage.
According to Couture’s FINRA Brokercheck page, he was registered with FINRA since 2001 and switched employers four times. He was previously registered with LPL Financial in Worchester, MA from February 2009 until July 2020. He was allegedly discharged from the firm on allegations of altered identifying information, account balances and distributions in customer account statement, maintaining comingled customer funds, and using an unapproved email address, as stated on his Brokercheck page.
James Couture investigation also shows he was registered with Lincoln Financial Securities Corporation in Worchester, MA from February 2006 until February 2009, as stated on his Brokercheck page. In addition, he previously worked for two firms in New York between 2001 and 2006, including New England Securities and Morgan Stanley DW.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints and / or allegations mentioned in this article, unless otherwise indicated.
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and is currently investigating conduct related to fraud allegations filed against James Couture and his misappropriation of client funds.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Concerned James Couture investors may contact attorney Alan Rosca, or his colleagues for a free no-obligation case evaluation and discussion of potential options. Investors may call 888-998-0530, send an email to email@example.com, or complete the contact form on this webpage.
Visit https://investorlawyers.org/james-couture-investor-center/ for more case related information and important disclosures.