Two Lafayette Men Indicted For Taking Millions From Clients
Two local men are indicted for defrauding multiple clients out of millions of dollars. According to the indictment, two Lafayette men, Richard J. Buswell and Steve Fouke former owners of Bowman Investment Group here in Lafayette, took more than $8 million from over 100 clients in the city and surrounding parishes from 2007 through 2009. Fouke, formerly a general contractor, is accused of recruiting his business associates and friends to become clients of the investment firm. Then, Buswell is accused of engaging in trading on clients' accounts without their knowledge or consent with the goal being to generate large commissions. Fouke and Buswell are both charged with one count of conspiracy, one count of securities fraud and one count investment fraud. Additionally, Buswell is charged with eight counts of wire fraud and 15 counts of mail fraud. Both men face multiple years in prison and hundreds of thousands of dollars in fines. The government is seeking forfeiture of the more than $1.7 million in commissions that Buswell made from the improper trades.