A 42-year-old Worcester based investment advisor was charged in federal court for defrauding clients of approximately $2.8 million by creating fictitious accounts and paying clients with funds from other clients’ accounts.
“As alleged in charging documents, from approximately 2009 to 2020, Courture misappropriated approximately $2.8 million from his clients by transferring funds out of his clients’ accounts for investment on fictitious funds and using the money for other purposes, including to purchase a client list from another investment advisory,” the U.S. Attorney’s Office said.
Also, according to the U.S. Attorney’s office, it is alleged that in December 2019 and January 2020, the Worcester-based investment advisor sold one client’s mutual funds and raided a 401(k) plan he managed to fund withdrawals by another client, whose assets the 42-year-old purported were held in a mutual fund account when in fact neither the funds nor the account actually existed.
The 42-year-old was charged with three counts of wire fraud and one count of aggravated identity theft.
To read the full article click here.
Prevent This From Happening To YOU!
The U.S. Securities and Exchange Commission provides tips for ways you can help avoid investment fraud:
- Ask Questions
- Research before you invest
- Know the salesperson
- Be wary of unsolicited offers
- Protect yourself online
- Know what to look for
To learn more about protecting yourself click here.
Source: U.S. Securities and Exchange Commission
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