Claus Foerster—Ponzi Scheme
Claus Foerster, a Former Spartanburg Financial Adviser, Allegedly Stole from Clients as Part of a $3 Million Ponzi Scheme
Claus C. Foerster, 55, of Spartanburg, allegedly defrauded clients of about $3 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 in March and currently under review by attorneys Jason Kane and Joe Peiffer.
Claus C. Foerster, who faces up to 100 years in prison, allegedly started stealing from his clients in 2000, purportedly telling clients that he had located better investments than their current portfolio, said indictment states.
The Peiffer Wolf Carr & Kane securities lawyers are presently investigating Claus C. Foerster’s alleged $3 million Ponzi scheme.
Claus C. Foerster Allegedly Would Create Fake Account Statements Showing Performance of Phony Investments, Occasionally Returning Some Funds to Clients as So-called Profits
Claus C. Foerster allegedly convinced many of his clients to take out their investment funds and instead transfer them “S.G. Investments,” a fictitious company whose “accounts” he controlled, according to court documents being reviewed by attorneys Jason Kane and Joe Peiffer.
Foerster would then allegedly make fake account statements that showed the performances of the phony investments and from time to time would occasionally return some funds to the clients as “profits”, said court documents report.
In sum, Foerster was allegedly able to skim more than $3 million out of his clients over a decade, according to the aforementioned court reports.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of alleged investment fraud and are currently investigating Claus C. Foerster’s alleged Ponzi scheme. 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 Claus C. Foerster’s alleged Ponzi scheme may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at (585) 310-5140.