Advisor Alert: Our Attorneys Are Investigating James Kenneth Couture For Investment Fraud
Did You Lose Money Because of James Couture?
Filed: November 15, 2023
James Couture currently has one (1) pending customer complaint. Overall, he has been the subject of two (2) regulatory events, one (1) termination event, one (1) civil event, and six (6) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on James Kenneth Couture.
Who Is James Kenneth Couture?
- Advisor Name: James Kenneth Couture
- Aliases: James Couture
- CRD: 4406284
- Location: Boston, Massachusetts
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: LPL Financial LLC, Lincoln Financial Securities Corporation, and New England Securities
- Number of Known Customer Complaints: 6
- Number of Known Regulatory Events: 2
- Number of Known Termination Events: 1
- Number of Known Civil Events: 1
- Can James Couture Be Sued: Yes, in Private Arbitration
- Can James Couture’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $3,206,760.22
- Highest Settlement: $2,375,000
If you have suffered investment losses by James Couture, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against James Couture For Broker Misconduct
As of this publication date, James Couture has been the subject of 2 regulatory events, 1 termination event, 1 civil event, and 6 customer disputes. Let’s review them below.
In February 2023, a FINRA arbitration was filed against or in reference to James Couture by a customer of LPL Financial LLC alleging misappropriation of funds between January 2011 and January 2020. As of this publication date, this claim remains pending.
In November 2022, United States Securities And Exchange Commission initiated a regulatory action against or in reference to James Couture. The Commission finds that on September 8, 2022, Couture entered a plea agreement with the court whereby he pleaded guilty to criminal charges, including, among others, one count of investment adviser fraud, in violation of Title 15 United States Code, Sections 80b-6 and 80b-17 before the United States District Court for the District of Massachusetts, in United States v. James Kenneth Couture, Crim. No. 21-cr-10172-NMG (D. Mass.).
In June 2021, the Securities and Exchange Commission filed a civil suit against James Couture alleging that Mr. Couture violated his fiduciary duty to his clients by engaging in a deceptive scheme to misappropriate approximately $2.9 million from them. On March 2023, a final judgment was entered against Mr. Couture wherein he is permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.
In June 2021, a complaint was filed against or in reference to James Couture by a customer of LPL Financial LLC alleging misappropriation of $270,179.42 in December 2019. Per the customer, he/she lost over $270,179.42 because of Mr. Couture’s actions. On May 19, 2022, Mr. Couture settled the claim for $270,179.42, and some or all of this amount may have been paid by Mr. Couture’s employer and/or insurance carrier.
In June 2021, a complaint was filed against or in reference to James Couture by a customer of LPL Financial LLC alleging that Mr. Couture misappropriated investment monies from her between 2011 and 2016 in the total amount of $1.22 million, and over time provided her with falsified statements reflecting her purported investments. Customer demands return of misappropriated monies and also seeks alleged lost investment opportunity. Per the customer, he/she lost over $3,206,760.22 because of Mr. Couture’s actions. On August 19, 2022, Mr. Couture settled the claim for $2,375,000, and some or all of this amount may have been paid by Mr. Couture’s employer and/or insurance carrier.
In June 2021, a FINRA arbitration was filed against or in reference to James Couture by a customer of LPL Financial LLC alleging that Mr. Couture took money from his accounts to repay another client. Per the customer, he lost over $385,000 because of Mr. Couture’s actions. On October 19, 2021, Mr. Couture settled the claim for $480,000, and some or all of this amount may have been paid by Mr. Couture’s employer and/or insurance carrier.
In October 2020, FINRA initiated a regulatory action against or in reference to James Couture. Without admitting or denying the findings, Couture consented to the sanction and to the entry of findings that he refused to produce all of the information and documents requested by FINRA in connection with its investigation into the allegations that formed the basis of his termination from his member firm. The findings stated that 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; maintained commingled customer funds; and used an unapproved email address. Initially FINRA received a response to its requests from Couture, however his production was substantially incomplete. Subsequently, Couture decided to cease complying with FINRA’s requests.
In June 2020, a complaint was filed against or in reference to James Couture by a customer of LPL Financial LLC alleging misrepresentation.
In June 2020, a complaint was filed against or in reference to James Couture by a customer of LPL Financial LLC alleging misappropriation of $50,000 in October 2013. Per the customer, he/she lost over $50,000 because of Mr. Couture’s actions. On April 26, 2022, Mr. Couture settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Couture’s employer and/or insurance carrier.
In June 2020, LPL Financial LLC terminated James Couture for altering identifying information, account balances and distributions in customer account statement; maintained commingled customer funds; use of an unapproved email address.
How To File A Claim Against James Couture (previously with LPL Financial LLC, Lincoln Financial Securities Corporation, and New England Securities) To Get Your Money Back.
If you have questions about James Couture, LPL Financial LLC, Lincoln Financial Securities Corporation, New England Securities, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.