Former Raymond James Adviser Barred For $3 million Ponzi Scheme
Claus Foerster, a former Raymond James broker, has been barred from the broker-dealer industry for stealing $3 million from 13 clients since 2000.
Foester began his career at J.C. Bradford in New York in 1989 and was at Citigroup Global Markets Inc. in 2000 when the alleged Ponzi scheme began. He moved to Morgan Keegan & Co. Inc. in 2008 and came to Raymond James on February 2013.
Foerster solicited investments for a purported investment fund known as S.G. Investments, which actually was a bank account Foerster controlled. He instructed the 13 customers to move funds from their brokerage accounts to their personal bank accounts and then write checks payable to S.G. Investments. Moreover, Foerster provided some of the customers with fictitious account statements and provided at least two customers with bogus dividend payments on a monthly basis.
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