Read the latest news relating to investor claims and broker fraud.

Former Cop Arrested and Charged with Investment Fraud

Posted on Dec 12, 2011

A retired Las Vegas police officer was arrested on charges of investment fraud last month. The Nevada Secretary of State alleges that 41-year-old Lawrence Foster defrauded investors, including other police officers, out of more than a quarter-million dollars.

Specifically, it is alleged that Mr. Foster told his investors that their money would be put into a company that he owned. He reportedly told investors that his company purchased discounted structured settlements.

However, according to the authorities, Mr. Foster did not own such a company, never invested the money, and spent some of the money for personal uses.

The Secretary of State’s Office is warning consumers to be wary of affinity scams in which a person you work with, attend church with, or otherwise trust is actually committing fraud.

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