FOR IMMEDIATE RELEASE
Contact: Catherine Lu
(Carson City, NV; December 1, 2011) – An investigation by Secretary of State Ross Miller’s Securities Division led to the arrest of a retired Las Vegas Metropolitan police officer suspected of defrauding at least seven victims out of more than a quarter-million dollars. Lawrence Foster, 41, was arrested November 30, 2011, and is facing seven felony counts of theft. The case is being prosecuted by the Nevada Attorney General's Office.
The State alleges Foster falsely claimed to own mutual funds or told his alleged victims, some of whom were other police officers, that their investments would be invested in a company he operated that purchased structured settlements at a discount. The entity controlled by Foster is West Coast Management, LLC. The State also alleges Foster used the investments for unauthorized purposes, including payment of his personal expenses. According to the criminal complaint, he never refunded any money to investors.
Investments made by the seven alleged victims ranged from $10,000 to $80,000. The securities that Foster offered in return were in the form of investment contracts.
“Individuals who engage in affinity fraud prey upon members of a particular group,” said Secretary Miller. “By working in the same office or attending the same church, these individuals build trust with potential investors. This case warns all of us to be careful of whom we trust and to do our due diligence when presented with investment opportunities.”
“The arrest of Lawrence Foster sends a message that securities fraud at all levels, regardless of the job one has held, will not go unpunished,” said Attorney General Catherine Cortez Masto. “My office will continue to prosecute these crimes to protect Nevadans.”
Individuals who have had contact with Lawrence Foster regarding any investment opportunities are asked to contact the Secretary of State’s Securities Division at 800-758-6440.
The Nevada Attorney General’s office has drafted and filed a criminal complaint against Foster in the Las Vegas Justice Court.
Lawrence Foster faces seven counts of felony theft.