Placeholder Banner Image


September 6, 2013

LAFAYETTE, La. United States Attorney Stephanie A. Finley announced today that Herbert S. “Steve” Fouke, 54, of Lafayette, pleaded guilty before U.S. District Judge Richard T. Haik to conspiracy to commit securities fraud, investment adviser fraud, wire fraud and mail fraud, involving an investment scheme that cost clients $8 million.

According to documents filed at the guilty plea, Fouke became a client of Lafayette resident Richard Buswell in 2006. Buswell worked as a licensed stockbroker from 2006 until 2009 for Bowman Investment Group LLC, which was also Buswell’s company.

Fouke admitted to recruiting friends and business associates to become clients of Buswell and the Bowman Investment Group. Fouke also admitted to being present at meetings between Buswell and his clients, during which Buswell made false statements to the clients about his credentials, the commissions he would charge, 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.

Fouke faces up to five years in prison, three years of supervised release, a $250,000 fine, and restitution for the conspiracy count.  Buswell faces up to 20 years in prison, three years of supervised release, a $250,000 fine, and restitution for a wire fraud count. Sentencing dates have not been set.

The Federal Bureau of Investigation conducted the investigation.  Assistant U.S. Attorneys Kelly P. Uebinger and Howard C. Parker are prosecuting the case.

Return to Top

USAO Homepage
USAO Briefing Room
Justice 101
Project Safe Childhood

Help us combat the proliferation of sexual exploitation crimes against children.

Project Safe Neighborhoo ds

Our nation-wide commitment to reducing gun crime in America.

Victim Witness Assistance

Making sure that victims of crimes are treated with compassion, fairness and respect.

Stay Connected: Visit us on Twitter