The securities fraud attorneys at Meyer Wilson are currently investigating
claims against former broker Claus C. Foerster (CRD# 1912949).
The Financial Industry Regulatory Authority (FINRA) has permanently barred
former Raymond James & Associates, Inc. broker Claus C. Foerster “from
acting as a broker or otherwise associating with firms that sell securities
to the public.”
According to a FINRA Letter of Acceptance, Waiver and Consent signed by
Foerster, he received around $3 million from 13 customers from investments
in a fictitious entity called S.G. Investments. Beginning in 2000, he
allegedly marketed S.G. Investments as an income-oriented investment in
order to solicit his securities customers into investing. According to
FINRA, S.G. Investments was in fact a bank account controlled by Foerster,
and not an income-oriented investment as he claimed.
In order to “invest,” Foerster allegedly instructed his customers
to transfer funds from their brokerage accounts into personal bank accounts
via electronic funds or wire transfer. He then instructed them to write
personal checks from those accounts, made payable to “S.G. Investments.”
According to FINRA, Foerster provided at least two customers with false
dividend payments on a monthly basis, and provided other customers with
fictitious account statements.
By allegedly soliciting customers and converting their funds for personal
use, Foerster violated National Association of Securities Dealers (NASD)
Conduct Rule 2330(a), NASD Conduct Rule 2110, FINRA Rule 2010, and FINRA
Foerster has one pending criminal charge of fraud and wire fraud and faces
up to 100 years in prison.
If you lost money investing with former Raymond James broker Claus Foerster,
contact our securities fraud attorneys at Meyer Wilson Today for your
free case consultation to discuss your potential claim. We handle cases
on a contingency fee basis, so you will not owe any fees unless we help
you recover your losses.