A retired Las Vegas police officer charged with seven felony counts of theft is accused of defrauding investors, including other police officers, out of more than $250,000.
Lawrence Foster was arrested Wednesday after an investigation by the secretary of state's office. Authorities allege that after seeking investors for his company, West Coast Management, LLC, which bought structured settlements at a discount, he would use the money for personal expenses. Foster never repaid the investors, authorities allege.
The amount of money the victims invested ranged from $10,000 to $80,000, authorities say. The case is being prosecuted by the state attorney general's office.
Foster was being held at the Clark County Detention Center on $140,000 bail, jail records show. He is set to appear today in Las Vegas Justice Court.
Anyone with information regarding Foster and his investment opportunities is asked to call the secretary of state's securities division at 800-758-6440.
Foster was one of three officers who shot and killed Ryan Henderson in February 1997, according to Review-Journal research. The shooting was ruled justified after an inquest. Henderson, 20, who earlier in the day shot at a neighbor's house and car, was killed in a home he shared with his family near Flamingo Road and Nellis Boulevard after exchanging fire with Foster and the other officers. Foster retired from the department in 2008.
Review-Journal writer Lawrence Mower contributed to this report. Contact reporter Francis McCabe at email@example.com or 702-380-1039.