Claus Foerster, a above agent in South Carolina, was accusable by a admirable board for ambidexterity audience of $2.8 actor over a 14-year-period.
Mr. Foerster perpetrated his artifice from 2000 to June 2014 while active as a cyberbanking adviser at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Cyberbanking Inc., according to an allegation filed Tuesday in the U.S. District Cloister in Spartanburg, S.C.
The accuse chase the Cyberbanking Industry Authoritative Authority Inc.’s 2014 accommodation to bar Mr. Foerster from the allowance industry due to allegations he was active a Ponzi scheme.
Mr. Foerster would acquaint audience he had an “excellent investment” for them at SG Investments, a apocryphal aggregation that Mr. Foerster said would accommodate college allotment than the allowance firms that active him, according to the indictment. Once audience agreed to advance in SG, Mr. Foerster told them to abjure funds from their allowance accounts and drop the money into their claimed cyberbanking account, according to the cloister document. The deposits were again transferred to him in the anatomy of a check.
Mr. Foerster kept the $2.8 actor for his own use and benefit, but would sometimes accommodate “bogus balance statements” to burrow his arrangement and accomplish his audience accept the money was invested and bearing profits, the board charged.
Mr. Foerster began ambidexterity audience at Smith Barney & Co. from 1997 to 2008, according to the indictment. He again formed at Morgan Keegan & Co. Inc. until 2012, back the close was acquired by Raymond James.
“Raymond James concluded the application of cyberbanking adviser Claus Foerster in 2014 afterwards he accepted to misappropriating funds from a scattering of audience through a apparition clandestine advance armamentarium he created alfresco of Raymond James and afore he aing the firm,” Anthea Penrose, a backer for the St. Petersburg, Fla.-based broker-dealer, said in an emailed statement. “We accept back fabricated complete amends to all complex clients.”
The close absolutely cooperated with investigations conducted by law administration and authoritative agencies, she said, and “at no time did these activities absorb Raymond James, its systems or added close personnel.”
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