CLAUS C. FOERSTER (CRD# 1912949), a 55 year-old former financial adviser with Raymond James and Associates of Greenville, SC, pleaded guilty to five counts of wire fraud on May 10, 2016 before a U.S. District Court Judge in Greenville. Foerster faces up to 10 years in prison and a fine of $250,000 for each of the five counts.
The indictment stated that Foerster, over a 14 year period, was employed by Smith Barney & Co, Morgan Keegan & Co, and most recently, Raymond James Financial. Over 10 years while working at the three firms, Foerster made up a fictiticous company, SG Investment Management, and stole $3 million from investors.
This fraud began around 2000. Foerster would tell his clients that he had found a better investment for their portfolio and would advise them to invest in the fictitious, SG Investment Mangement. Foerster had the client withdraw money from their investment account, deposit it into their banking account, and then transfer the funds to Foerster. None of the funds that were given to Foerster were ever invested. The money went to Claus C. Foerster’s own personal use.
The indictment stated that Foerster concealed his scheme by returning some funds to some of the investors, and supplied false earnings statements which were made up by Foerster.
FINRA has permanently barred CLAUS C. FOERSTER from acting as a broker or otherwise associating with firms that sell securities to the public. CLAUS C. FOERSTER worked in the securities industry for 25 years, and was registered with the following firms:
02/2013 - 06/2014 RAYMOND JAMES & ASSOCIATES, INC. - GREENVILLE, SC
02/2008 - 02/2013 MORGAN KEEGAN & COMPANY, INC. - GREENVILLE, SC
If you were a victim of CLAUS C. FOERSTER formerly of Raymond James & Associates of Greenville, SC, and you lost your investment in the fictitious company, S.G. Investment Management, call Soreide Law Group for a no-cost consultation with an lawyer regarding the recovery of your losses at: 888-760-6552.
Soreide Law Group represents investors on a contingency fee and advances all costs. We are committed to recovering our clients’ losses due to the negligence or fraud of their stock brokers or financial advisors. Our securities lawyers represent clients nationwide before FINRA.
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