Claus C. Foerster Expelled from Securities Industry After Allegedly Converting $3 Million from Customers

Rochester stockbroker fraud attorneyClaus C. Foerster, formerly associated with Raymond James & Associates, Inc., is barred from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) after claims that he converted approximately $3 million from 13 customers.

The Peiffer Rosca securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter.

Foerster began soliciting his securities customers in 2000 to invest in a purported income-oriented investment entity called S.G. Investments, according to FINRA. Forester encouraged customers to transfer funds from their brokerage accounts to their personal bank accounts via wire or electronic funds transfer and then instructed the customers to write checks from their personal bank accounts to S.G. Investments, according to FINRA.

S.G. Investments happened to be a bank account Foerster controlled, not an investment fund, according to FINRA. Foerster provided some of his customers with fictitious account statements and provided at least two customers with purported dividend payments on a monthly basis, according to FINRA.

Overall, Foerster converted approximately $3 million from 13 customers, according to FINRA.

Claus Foerster consented to his banishment from the securities industry without admitting or denying FINRA’s findings.

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Claus C. Foerster

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

phil korosec (1252 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.