September 16, 2013

Former Broker Pleads Guilty in $8million Investment Scheme

Herbert S. “Steve” Fouke, 54, a Lafayette, Louisiana, businessman pleaded guilty Friday, September 6, 2014, to federal fraud charges because of an investment scheme involving $8 million from clients. Fouke pleaded guilty to conspiracy to commit securities fraud, investment adviser fraud, wire fraud and mail fraud.

Allegedly, Fouke recruited friends and business associates to become clients of Richard Buswell and the Bowman Investment Group, also of Lafayette, Louisiana, and was allegedly present when Richard Buswell made false statements to the clients about his credentials, the commissions, and the return he guaranteed the clients would receive.

Richard Buswell was a licensed stockbroker from 2006 to 2009 for the Bowman Group, which he owned. Fouke became Buswell's client in 2006 and later recruited others to the scheme.

Richard Buswell pleaded guilty July 24, 2013 to engaging in frequent and excessive stock trades in order to earn commissions.

Fouke faces up to five years in prison, a $250,000 fine and restitution. Buswell faces up to 20 years in prison, a $250,000 fine and restitution. Sentencing dates have not been set.

According to FINRA's BrokerCheck, Herbert S. “Steve” Fouke was previously registered with FINRA at the following brokerage firms:

LASALLE ST SECURITIES, L.L.C.
CRD# 7191
ELMHURST, IL
04/2009 - 05/2009

BROOKSTONE SECURITIES, INC.
CRD# 13366
LAFAYETTE, LA
09/2008 - 04/2009

The following article appeared on our blog in October of 2011:

https://www.securitieslawyer.com/securitieslawyerblog/?s=Herbert++Fouke&submit=Go

If you or a family member have experienced a loss through Bowman Investment Group, Richard J. Buswell, or Herbert S. Fouke, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552.

Recent Posts

March 28, 2024
Al Lovelace In Investor Disputes Over Annuity Misrepresentation

Soreide Law Group is investigating potential investor claims of sales practice violations possibly committed by securities broker Al Stephen Lovelace [CRD: 2393766, Rutherfordton, North Carolina], given the disclosures on FINRA BrokerCheck. Evidently, Lovelace has worked for Equitable Advisors LLC since December 27, 2016, and worked previously at AXA Advisors LLC from October 2, 2008, to […]

March 28, 2024
KAREN CHUNG of WESTERN INTERNATIONAL

Soreide Law Group is conducting an investigation into WESTERN INTERNATIONAL SECURITIES, INC. of Pasadena, California, financial advisor, KAREN TRAN CHUNG (KAREN CHUNG). According to FINRA’s  BrokerCheck, KAREN CHUNG, has been in the securities industry for 20 years and has been listed with 4 firms.  She is currently listed with, WESTERN INTERNATIONAL SECURITIES, INC., 70 S. […]

March 26, 2024
Stifel Fined $400K by FINRA

According to a recent article in Wealth Management, Stifel will pay over $400,000 to settle FINRA disciplinary charges that the firm allegedly did not properly supervise one of their registered representatives who misappropriated over $100,000 from an elderly client. Stifel agreed to the penalties without admitting or denying FINRA’s findings. In addition to a $400,000 penalty, Stifel […]

Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062
Helping clients recover money across the USA
search
Copyright © 2022 Soreide Law Group, PLLC  |  All Rights Reserved
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram