Background Of James Couture
Couture became registered in 2001 as a General Securities Representative. From
February 27, 2009, until July 16, 2020, Couture was registered through an association
with LPL Financial LLC. LPL terminated his registration in a Form U5, dated July 16,
2020, disclosing that he had been discharged because he allegedly “[a]ltered identifying
information, account balances and distributions in customer account statement;
maintained comingled customer funds; [and used] an unapproved email address.”
Couture is not currently associated with a FINRA member firm. However, he remains
subject to FINRA’s jurisdiction pursuant to Article V, Section 4, of FINRA’s By-Laws.
Activity(s) Reported – James Couture
In June 2020, FINRA began investigating the allegations that formed the basis of Couture’s termination as reported in the July 16, 2020 Form U5 referenced above.
FINRA Rule 8210 requires “a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically (if the requested information is, or is required to be, maintained in electronic form) and to testify at a location specified by FINRA staff, under oath or affirmation administered by a court reporter or a notary public if requested, with respect to any matter involved in the investigation, complaint, examination, or proceeding.”
On June 25, 2020, FINRA sent Couture a request for the production of documents and information pursuant to FINRA Rule 8210 and a second request on July 20, 2020. FINRA received a response to its requests from Couture on August 7, 2020; however, Couture’s production was substantially incomplete. FINRA issued a third request pursuant to FINRA Rule 8210 on August 25, 2020. On September 14, 2020, Couture’s counsel informed FINRA that “[a]fter speaking with Mr. Couture last week and giving him some time to think about his options, he has decided to cease complying with the 8210 inquiry and to move forward with signing an AWC.” By this agreement, Couture acknowledges that he received FINRA’s requests and declines to produce the remaining information and documents.
By refusing to produce all of the information and documents as requested pursuant to FINRA Rule 8210, Couture violated FINRA Rules 8210 and 2010.
Penalties And Sanctions
- A bar from association with any FINRA member in any capacity.
Respondent understands that if he is barred or suspended from associating with any
FINRA member, he becomes subject to a statutory disqualification as that term is defined
in Article III, Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of the
Securities Exchange Act of 1934. Accordingly, he may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during the
period of the bar or suspension. See FINRA Rules 8310 and 8311.
The sanctions imposed herein shall be effective on a date set by FINRA staff. A bar or
expulsion shall become effective upon approval or acceptance of this AWC.
Recent Activity(s)Of The Individual/Firm
Couture refused to provide a complete production of documents and information
requested pursuant to FINRA Rule 8210. As a result, he violated FINRA Rules 8210 and 2010.
How To Spot A Fraud Finance Advisor (Infographic)
Help For Victims Of James Couture
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from James Couture. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
James Couture has been involved in fraudulent activities and is an unsafe professional entity. We strongly recommend you avoid any association with such a shady figure.
- Shady Activity
- Swindling Activity Reported By Clients
- Under Govt. Organization's Radar
- High Risk of Fraud