South Carolina Securities Arbitration Lawyers Who Handle Ponzi Scheme Cases
South Carolina has hundreds of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to recommend investments in Ponzi Schemes and engage in all sorts of misconduct which violates Federal and South Carolina securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures.
For example, Claus Foerster, a Greenville, South Carolina-based stockbroker formerly employed by Raymond James, was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly running a Ponzi scheme. Based on FINRA’s findings, it is alleged Mr. Foerster had solicited investments for a purported investment fund known as S.G. Investments, which was in fact a bank account controlled by Mr. Foerster. FINRA found that Mr. Foerster directed thirteen (13) customers to transfer funds from their brokerage accounts to their personal bank accounts and then write checks payable to S.G. Investments. FINRA’s findings stated that Claus Foerster had stolen nearly $3 million from the clients since 2000. Mr. Foerster signed a letter accepting FINRA’s penalty but did not admit to or deny FINRA's allegations.
FINRA also found that Mr. Foerster furthered his scheme by providing some of the customers with fabricated account statements and provided at least two customers with purported dividend payments on a monthly basis. FINRA’s brokercheck records reveal that Mr. Foerster began his career at J.C. Bradford in New York in 1989 and was employed at Citigroup Global Markets Inc. in 2000, when the alleged Ponzi scheme started. He then changed employment to Morgan Keegan & Co. Inc. in 2008 and came to Raymond James in February 2013 by way of acquisition. Mr. Foerster acknowledged to Raymond James that he had misappropriated funds through a fake private investment fund he created. He was subsequently discharged by the firm on June 4, 2014.Experienced Securities Attorneys Who Represent Investors Caught In Ponzi Schemes In FINRA Arbitrations Throughout South Carolina and Nationwide
Did your South Carolina stockbroker or investment advisor recommend an investment that turned out to be an investment in a Ponzi Scheme like the ones allegedly run by GPB Capital Holdings or EquiAlt? Generally, these investments are not vetted by your stockbrokers or investment advisor’s employer. The brokerage firms always deny liability for these unauthorized investments. And so, you definitely need an experienced attorney knowledgeable of FINRA rules and procedures to handle these FINRA arbitration cases involving Ponzi Scheme investments and other complex legal issues.
By hiring a top rated securities arbitration lawyer like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce aggressively represents investors and is one of the best lawyers to help you recover your Ponzi Scheme investment losses from stockbrokers, investment advisors and their employers in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors not only in Ponzi Scheme cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout South Carolina, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing - NO FEES-NO COSTS - unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle Ponzi Scheme and other securities investment cases in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving South Carolina citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.