Costello Law Group
Representing Clients Nationwide Free Initial Consultations
Local: 410-832-8800Toll Free: 877-418-0003

Former Raymond James Advisor Barred

The Financial Industry Regulatory Authority (FINRA) barred Claus Foerster, a former Raymond James advisor, for swindling about $3 million from clients through a Ponzi scheme. Foerster allegedly transferred funds from clients' brokerage accounts into a phantom income fund called "S.G. Investments." In reality, "S.G. Investments" was actually a bank account under Foerster's control which he used to pay personal expenses. FINRA believes that the scam began in 2000 and lasted up until June 2014. Foerster provided his clients with fabricated account statements and even paid monthly dividend payments on the fictitious fund to two of the clients.

Early in June 2014, Raymond James terminated Foerster and reported the scheme to FINRA. Foerster admitted to misappropriating funds and accepted a permanent bar him from the industry.

If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.

To read more, please visit: http://online.wsj.com/articles/finra-bars-ex-raymond-james-broker-accused-of-3-million-scam-1403279773

No Comments

Leave a comment
Comment Information

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy