Advisor Must Repay Stolen Funds, Serve Jail Time

Sunday, Nov 20 2016

Regulatory & Compliance

Written by PFA News

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Claus Foerster, formerly of Spartanburg, S.C., has been sentenced to two years in jail and has been ordered to pay $3.5 million in restitution after getting caught with stealing assets from clients. So reports WYFF.

Foerster was caught telling clients that he had found new and more attractive investments, but instead of transferring the assets into the products, he took the money for his own use.

Read the full article from WYFF.

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