Worcester Investment Advisor Charged in $2.8M Fraud Scheme

« Back to Blog
investment fraud

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

Make Sure Your Clients Take a Proactive Approach To Protecting Their Business Should a Loss Occur

Berkley Crime logo

Make sure your clients have crime insurance. Take the steps to ensure that your clients are covered by calling one of the Berkley Crime team members listed below.

Michael Beranek
Berkley Crime

Experts focused on your protection.
We deliver.

National Practice Leader
Michael Beranek 
(501) 707-6548
[email protected]
East Regional Manager
Matt McNamara 
(212) 497-3707
[email protected]
Financial Institution Product Leader
Patricia Logan
(212) 497-3708
[email protected]
West Regional Manager
George Pierce
(917) 747-1141
[email protected]

“News You Can Use” E-Blast

Sign up for the latest news from Berkley Crime.

Let us know how
we can deliver for you!