A Spartanburg man was sentenced to two years in prison and three years' supervised release, and ordered to pay more than $3.5 million in restitution, following a guilty plea to multiple counts of wire fraud.
According to a news release from the U.S. Attorney’s office, Claus C. Foerster, 56, cheated his clients out of more than $3 million over a decade.
From 1997 to 2014, Foerster worked for national investment counseling firms. In 2000, began telling clients he had found better investments and told them they needed to move their money from the firms' accounts into his own. From there, Foerster diverted funds for his personal use, according to the U.S. Attorney’s office.
Foerster created fraudulent statements and did return some funds as “profits,” which allowed him to maintain the scheme for more than a decade, according to the release.