An investment adviser who pleaded guilty to stealing nearly $3 million from six clients has been sentenced to more than eight years in prison.
Around 2009 and 2020, 42-year-old James Kenneth Couture of Sutton transferred funds from client accounts, invested those funds in fictitious mutual funds, and sold other clients’ holdings to pay for investment returns. By doing so, he embezzled funds, federal prosecutors said. Wednesday statement.
In one case in 2016, prosecutors said, Couture liquidated one client’s variable annuity to fund another client’s withdrawal.
Sam Bankman Fried, FTX Founder Indicted For Fraud, Money Laundering
He also forged a client’s signature on a document or made the client sign a document by falsely stating that the proceeds of the transaction would be used for the client’s benefit.
FBI flags senior citizen fraud after thousands of retirees scammed out of $1.7 billion
After being first indicted in June 2021, he was charged with witness tampering after creating fake documents purporting to be for customer accounts and providing false information to at least one victim, officials said. said.
He was also sentenced to three years of probation and ordered to pay approximately $1.9 million in damages and forfeit more than $2.8 million.
CLICK HERE TO GET THE FOX NEWS APP
He pleaded guilty in September to charges including wire fraud, egregious identity theft and investment advisor fraud.