Claus Foerster, of Spartanburg, N.Y., convinced clients to transfer assets from their accounts to his own account to get access to fictitious investments, and he then spent the money for his personal needs, according to a press release from United States Attorney Bill Nettles. So reports WYFF4.com.
By occasionally returning money to clients that he said was from portfolio profits, he was able to keep the scam going for more than 10 years and steal more than $3 million. He now faces up to 20 years in prison, plus fines.
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