FINRA

WITHOUT ADMITTING OR DENYING THE FINDINGS, FOERSTER CONSENTED TO THE SANCTION AND TO THE ENTRY OF FINDINGS THAT HE SOLICITED CUSTOMERS OF HIS MEMBER FIRM TO INVEST IN A FICTITIOUS ENTITY AND CONVERTED THEIR FUNDS TO HIS PERSONAL USE. THE FINDINGS STATED THAT FOERSTER SOLICITED HIS SECURITIES CUSTOMERS TO INVEST IN THE ENTITY, WHICH HE MARKETED AS AN INCOME-ORIENTED INVESTMENT. FOERSTER INSTRUCTED CUSTOMERS TO MOVE FUNDS FROM THEIR BROKERAGE ACCOUNTS TO THEIR PERSONAL BANK ACCOUNTS VIA WIRE OR ELECTRONIC FUNDS TRANSFER. FOERSTER THEN INSTRUCTED THE CUSTOMERS TO WRITE CHECKS FROM THEIR PERSONAL BANK ACCOUNTS, MADE PAYABLE TO THE ENTITY. THE ENTITY WAS NOT AN INVESTMENT FUND, BUT A BANK ACCOUNT THAT FOERSTER CONTROLLED. IN FURTHERANCE OF HIS SCHEME, FOERSTER PROVIDED SOME OF THE CUSTOMERS WITH FICTITIOUS ACCOUNT STATEMENTS, AND PROVIDED AT LEAST TWO CUSTOMERS WITH PURPORTED DIVIDEND PAYMENTS ON A MONTHLY BASIS. THROUGH THESE ACTIONS, FOERSTER CONVERTED APPROXIMATELY $3 MILLION FROM CUSTOMERS.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

6/18/2014