Robert Starnes Lawsuit Update November 2025: Investment Fraud Investigation

Robert Starnes, Wisconsin Financial Advisor, Sentenced for Fraud — Update November 2025

The White Law Group continues to investigate potential securities claims involving financial advisor Robert Starnes.

November 2025 Update: Richard G. Frohling, Acting U.S. Attorney for the Eastern District of Wisconsin, announced that on November 5, 2025, Robert C. Starnes, age 66, was sentenced to 40 months in federal prison for running a long-term investment fraud scheme that caused more than $3 million in losses to over a dozen victims. Starnes, who operated Robert C. Starnes Financial Services in Wauwatosa, falsely held himself out as an experienced financial advisor and retirement planner.

According to federal court records, Starnes convinced friends, acquaintances, and family members to entrust him with their retirement savings, promising to grow their investments through his strategies. Instead, he deposited investor checks directly into his personal bank accounts, used the money for personal expenses, and created fake investment statements to make it appear the accounts were earning profits. At sentencing, U.S. District Judge Lynn Adelman emphasized that Starnes never invested any money and that many victims were “ordinary, hard-working families” who trusted him.

Starnes was ordered to pay $3,093,304.17 in restitution and will serve three years of supervised release following his prison term. Authorities—including the Wisconsin DOJ Division of Criminal Investigation and IRS Criminal Investigation—stressed that the sentence reflects both the financial harm and Starnes’s abuse of trust.

Background: Robert Starnes, Former SA Stone Wealth Advisor, Indicted for Fraud

The White Law Group continues to investigate potential securities fraud claims involving Robert C. Starnes (CRD#: 1429794), a former financial advisor most recently registered with SA Stone Wealth Management Inc. Starnes was initially indicted in January 2024 on two counts of wire fraud and later barred from the securities industry by FINRA.

Allegations of Fraud and Misappropriation

Between November 2019 and May 2023, Starnes allegedly:

• Solicited funds from clients under the premise of investing them.

• Deposited those funds into his personal Wells Fargo and BMO Harris accounts.

• Used investor funds for personal expenses such as credit card bills.

• Created fake investment statements using logos from firms like Barclays.

• Paid withdrawal requests using new investor money in a Ponzi-like manner.

Regulatory Actions and Customer Complaints

• May 16, 2023 – Terminated by SA Stone Wealth Management for policy violations related to accepting client funds.

• July 2023 – FINRA permanently barred him after refusing to cooperate in an investigation into customer complaints.

Notable Complaints

• November 2024: Complaint alleges “Respondent is vicariously liable to Claimants for the losses each has suffered because of Mr. Robert Starnes’ alleged fraud and misconduct.” Damage Amount Requested – $3,000,000.00 

  August 2023: Client alleges investing $35,000 through checks written to Starnes. After requesting liquidation, she learned the listed companies had no record of her investments.

• May 2023: Estate of a deceased client claims Starnes misappropriated $153,689, promising repayment that never occurred.

Broker History (FINRA BrokerCheck)

• SA Stone Wealth Management Inc. (2019–2023)

• Quest Capital Strategies, Inc. (2014–2019)

• Berthel, Fisher & Company Financial Services, Inc. (2008–2013)

Investor Recovery Options for Victims of Robert Starnes

Even though Starnes has now been criminally sentenced, investors may still have civil recovery options. Brokerage firms such as SA Stone Wealth Management may be liable for failure to supervise if an advisor engages in misconduct under their watch.

FINRA Arbitration vs. Class Action

FINRA Arbitration:

• Often quicker and confidential

• Appropriate for significant losses (typically $100,000+)

Class Action:

• Best suited for smaller, similar losses among a large group

• Less individualized than arbitration claims

The White Law Group has handled over 800 FINRA arbitration cases on behalf of defrauded investors nationwide.

Free Consultation — Wisconsin Investment Fraud Attorneys

If you suffered losses investing with Robert C. Starnes or SA Stone Wealth Management, our securities fraud attorneys can help evaluate your legal options.
Call The White Law Group at (888) 637-5510 for a free consultation.

Our firm has over 30 years of experience pursuing claims involving:

• Investment fraud & misappropriation

• Misrepresentation and omission of material facts

• Unsuitable investment recommendations

• Unauthorized trading

• Churning and excessive trading

FAQs: Robert Starnes Fraud Case

1. What was Robert Starnes convicted of?
Starnes was sentenced to 40 months in federal prison for running a $3 million investment fraud scheme and creating fake account statements.

2. Can investors still recover money even though Starnes was sentenced?
Yes. Victims may pursue FINRA arbitration claims against SA Stone Wealth Management or other broker-dealers for failure to supervise.

3. Is SA Stone Wealth Management liable for Starnes’s fraud?
Brokerage firms can be held responsible if they fail to supervise their advisors and prevent misconduct.

4. What should investors do if they suspect advisor fraud?
Contact a securities attorney immediately. Legal options often include filing a FINRA arbitration claim.

5. How does arbitration differ from a class action?
Arbitration is individualized and often faster; class actions resolve many small, similar claims together.