Lafayette Business Man Sentenced to 30 Months in Prison for Scheme That Cost Investors Millions
|U.S. Attorney’s Office May 14, 2014|
LAFAYETTE, LA—United States Attorney Stephanie A. Finley announced today that Herbert S. “Steve” Fouke, 55, of Lafayette, was sentenced by U.S. District Judge Richard T. Haik to 30 months in prison and three years of supervised release for conspiracy to commit securities fraud, investment adviser fraud, wire fraud, and mail fraud, involving an investment scheme that cost investors $8 million. He was also ordered to pay $6,380,808.03 restitution to victims of the scheme.
According to evidence presented at the guilty plea on September 6, 2013, Fouke became a client of Richard Buswell and Bowman Investment Group LLC, which was also Buswell’s company. Fouke later became president of the company and recruited friends and business associates to become clients of Bowman Investment Group. Fouke admitted to being present at meetings between Buswell and his clients, during which Buswell made false statements to the clients about his credentials, his commissions, and the rates of return that he guaranteed the clients would receive. Buswell admitted in a guilty plea July 24, 2013, to engaging in frequent and excessive stock trades in order to earn commissions.
The FBI conducted the investigation. Assistant U.S. Attorneys Kelly P. Uebinger and Howard C. Parker prosecuted the case.