Post by Logan on Mar 12, 2016 1:14:57 GMT -6
A former Greenville broker accused of stealing from his clients in a long-running Ponzi scam has been indicted on federal wire fraud charges.
Claus C. Foerster, 55, of Spartanburg, defrauded clients of about $2.8 million while employed as a financial adviser at Morgan Keegan & Co. and Raymond James Financial Inc. in Greenville, according to a five-count indictment handed down in federal court Tuesday.
Between 2000 and 2014, the indictment alleges Foerster advised clients to put their money into SG Investment Management, a company that was "totally fictitious" and "created solely by the Defendant solely to further his scheme to defraud."
Foerster had clients move cash from their brokerage accounts to their bank accounts and then write checks payable to SG Investments, the indictment alleges.
Read more: www.greenvilleonline.com/story/news/crime/2016/03/08/greenville-broker-indicted-3-million-ponzi-scam/81495112/
Claus C. Foerster, 55, of Spartanburg, defrauded clients of about $2.8 million while employed as a financial adviser at Morgan Keegan & Co. and Raymond James Financial Inc. in Greenville, according to a five-count indictment handed down in federal court Tuesday.
Between 2000 and 2014, the indictment alleges Foerster advised clients to put their money into SG Investment Management, a company that was "totally fictitious" and "created solely by the Defendant solely to further his scheme to defraud."
Foerster had clients move cash from their brokerage accounts to their bank accounts and then write checks payable to SG Investments, the indictment alleges.
Read more: www.greenvilleonline.com/story/news/crime/2016/03/08/greenville-broker-indicted-3-million-ponzi-scam/81495112/