Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on June 20, 2016 indicate that former South Carolina-based Raymond James broker Claus Foerster has been charged with fraud and wire fraud. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Foerster (CRD# 1912949).
Claus Foerster has spent 25 years in the securities industry and was most recently registered with Raymond James & Associates in Greenville, South Carolina (2013-2014). Previous registrations include Morgan Keegan & Company in Greenville, South Carolina (2008-2013); Citigroup Global Markets in Spartanburg, South Carolina (1997-2008); and JC Bradford & Company in New York, New York (1989-1997). He is currently not registered with any state or firm.
According to his BrokerCheck report, Claus Foerster has been the subject of one regulatory sanction, one regulatory investigation, three customer complaints, and one pending criminal charge.
In March 2016, Claus Foerster was charged in the US District Court for the District of South Carolina with five felony counts of fraud and wire fraud. The charges remain pending.
In 2014, FINRA sanctioned Claus Foerster following allegations he recommended customers invest in a “fictitious entity” and converted more than $3,000,000 in funds for his own personal use. FINRA’s complaint alleges that the entity in question was described as an income-oriented investment; in fact, allegedly, it was Mr. Foerster’s personal bank account. He was permanently barred from associating with any FINRA member firm in any capacity.
In 2014, Claus Foerster was named respondent in an investigation by the State of South Carolina concerning allegations he violated the South Carolina Uniform Securities Act. The investigation remains pending.
In 2014, a customer alleged Claus Foerster, while employed at Citigroup Global Markets, embezzled funds. The complaint settled for $250,000.
In 2014, a customer alleged Claus Foerster, while employed at Morgan Keegan and Raymond James & Associates, misrepresented material facts related to an investment, executed unauthorized and excessive transactions, acted negligently, committed fraud, and violated the South Carolina Uniform Securities Act. The complaint settled in 2015 for $150,000.
In 2014, a customer alleged Claus Foerster, while employed at Raymond James & Associates, misappropriated funds and forged a signature. The complaint settled for $75,000.
In 2014, Claus Foerster was terminated from his position at Raymond James & Associates following allegations he admitted to theft of client funds.
If you or someone you know has lost money investing with Claus Foerster, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts every case on contingency: we only receive payment if and when you collect money. Time to file your claim might be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.