Broker Admits To $8M Securities Fraud Scheme

Law360, Los Angeles (September 06, 2013, 10:06 PM ET) -- The former co-owner of a Louisiana investment firm pled guilty Friday for his role in an investment scheme that cost clients, including some of his friends and business associates, a total of $8 million, according to prosecutors.

Herbert S. "Steve" Fouke, 54, pled guilty before U.S. District Judge Richard T. Haik to conspiracy to commit securities fraud, investment adviser fraud, wire fraud and mail fraud, according to the office of U.S. Attorney Stephanie A. Finley. Fouke faces up to five years in prison and a $250,000 fine at his...
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