By Costello Law Groupof
Claus Foerster, a financial advisor from South Carolina, has been indicted on fraud charges. Mr. Foerster was barred by FINRA from the securities industry in 2014 after allegations that he was running a Ponzi scheme. Foerster allegedly ran the Ponzi scheme for 14 years and was able to defraud his clients out of $2.8 million. Foerster perpetuated the Ponzi scheme by providing his clients with fictitious account statements. The Ponzi scheme began while Foerster was a financial advisor employed by Smith Barney and continued through his employment with Raymond James. Raymond James terminated Foerster when they learned of the fraud and made restitution to the clients that were involved in Foerster’s scheme.
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