Worcester Investment Advisor Charged In $2.8 Million Fraud: Feds

WORCESTER, MA — A former investment advisor in Worcester with the firm LPL Financial has been charged in a multi-million dollar fraud, federal prosecutors said Wednesday.

James Couture, 42, of Sutton, was charged in federal court with three counts of wire fraud and one count of aggravated theft. Couture misappropriated $2.8 million in client funds between 2009 and 2020, prosecutors said.

Couture used the money in a Ponzi-like way, taking funds from some clients to pay other clients whose money was invested in fictitious accounts, prosecutors said.

Last fall, the private Financial Industry Regulatory Authority (FINRA) corporation, which regulates brokerage firms, permanently barred Couture from acting as an advisor. LPL had fired him in July, according to the law firm Iorio Altamirano.

Before LPL Financial, Couture also worked at Lincoln Financial Securities Corporation in Worcester, New England Securities in New York City and Morgan Stanley in Purchase, N.Y., according to FINRA.

Prosecutors say Couture could face up to 20 years in prison and fines of $250,000 or more if he's convicted.