Former Chester Resident Indicted for Alleged Investment Scheme
Janet Fooshee accused of stealing more than $100K from clients.
A former Chester Township investment adviser has been indicted on charges of stealing over $100,000 from two clients, according to a statement released by Attorney General Jeffrey S. Chiesa.
Janet Fooshee, 60, who also goes by the names Janet Katz and Janet Gurley, was charged Dec. 14 with theft by deception, theft by unlawful taking, and three counts of impersonation (all in the second degree) as well as theft by deception, theft by unlawful taking, and four counts of impersonation/theft of identity (all in the third degree). Fooshee, now a resident of Maine, was also charged with seven counts of fourth-degree forgery and eleven counts of fourth-degree falsifying or tampering with records.
“This alleged crime deceived investors who trusted that the defendant was safely investing their money as she had represented,” Acting Insurance Fraud Prosecutor Ronald Chillemi said in a statement. “Such deceit will be vigorously prosecuted by my office.”
The indictment alleges that while Fooshee was an investment adviser representative of First Union Securities, which later became Wachovia Securities, Inc., Fooshee stole a total of $107,493 from two clients. It is alleged that, in one instance, Fooshee stole $97,493 by falsely claiming to have purchased an annuity from AIG Life Insurance on a client’s behalf. In another instance, Fooshee allegedly stole $10,000 by giving the false impression that she purchased the same type of annuity from Fidelity Investments on another client’s behalf.
According to the Attorney General's statement, Fooshee attempted to conceal and perpetuate the fraud by allegedly sending numerous fabricated account statements on the letterhead of international financial institutions, including AIG, Alliance Bernstein, and Fidelity Investments. Each of these statements purported to show the annuities, which were not in fact purchased, appreciating in value, the indictment said.