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.
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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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