– Financial Adviser Indicted for Wire Fraud
Robert C Starnes – Financial Adviser Indicted for Wire Fraud.
A grand jury returned an indictment charging Robert C. Starnes with two counts of committing wire fraud.
Call 800-500-4442 if you believe you have been a victim of fraud.
ROBERT CHARLES STARNES (CRD#: 1429794), a formerly registered broker for SA STONE WEALTH MANAGEMENT INC. , in Wauwatosa, WI, is indicted for wired fraud.
According to the indictment, Starnes allegedly operated Robert C. Starnes Financial Services, and was a registered investment advisor. Starnes, citing his role as an investment advisor, would seek investment funds from his clients, promising safe returns on those investments. Once someone agreed to invest, Starnes would ask for funds, which he then deposited into his personal bank account. The indictment alleges that Starnes then used these funds to pay his personal expenses. The indictment further explains that Starnes would provide investors with fabricated account statements showing fake investment returns, and, when an investor asked to withdraw money from these accounts, Starnes would send them funds to continue the scheme by persuading them that he had invested their assets.
If convicted, each count carries a maximum of twenty years in prison and up to three years of supervised release, according to the United States Attorney’s Office.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 2/1/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.