Securities Arbitration Lawyers BlogFINRA Bars James Couture Of LPL Financial After Termination
James Couture (James Kenneth Couture CRD#: 4460284) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Worchester, MA. His previous employers included Lincoln Financial Securities Corporation (CRD#:3870), also of Worchester, MA, New England Securities (CRD#:615) of New York, NY, and Morgan Stanley DW Inc. (CRD#:7556) of Purchase, NY. He has been in the industry since 2001.
LPL Financial discharged Couture on 6/17/2020 after discovering that he had:
- Changed identifying information, account balances and distributions in customer account statements
- Maintained and comingled customer funds
- Used an unapproved email address
FINRA began its investigation into the allegations shortly thereafter. FINRA sent two requests for documents to Couture, receiving only partial information on August 7, 2020. Following a third request for information, Couture notified FINRA through his attorney that he would no longer cooperate with the inquiry. He acknowledged the receipt of FINRA’s document requests. His attorney also stated that Couture’s preference was to move forward with an Acceptance, Waiver & Consent (AWC) letter.
The AWC letter was signed on 10/21/2020, and included the sanction of being indefinitely barred in all capacities from association with any FINRA member.
On 10/20/2020, a client filed a customer dispute alleging “misrepresentation” from 4/21/20 to 10/20/20. The claim is pending, and no additional information is available.
Stockbroker Theft & Misconduct Common
Not all investment losses are caused by market conditions. Sometimes brokers steal, improperly take loans from, or deceptively sell securities in the accounts of their customers. Silver Law Group represents victims of a now-barred broker who is accused of stealing funds from elderly investors.
There are a variety of ways brokers can take their customer’s money and make it their own. One is by selling away, or recommending an investment that’s not approved by the employing broker-dealer. These outside investments are often very risky or scams, and they pay a high commission to the selling broker.
Brokers have also been known to write themselves checks or wire funds from a customer’s account. Brokers often have access to private financial information about their customers, so they can pull such misappropriation off without being detected.
Investors have incurred losses from lending money to their brokers and not getting paid back. According to FINRA rules, brokers are not supposed to borrow from their clients except under certain circumstances. Unfortunately, elderly and vulnerable investors are often the victims of stockbroker theft and misconduct.
Did You Invest With James Couture?
Silver Law Group represents investors in securities and investment fraud cases and has extensive experience representing victims of broker theft in FINRA arbitration claims. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.
If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.