Robert Starnes Lawsuit Update: Investment Fraud Investigation

Robert Starnes, Wisconsin Financial Advisor, Charged with Fraud, Featured by top securities fraud attorneys, The White Law Group

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

The White Law Group is investigating potential securities claims involving Robert C. Starnes (CRD#: 1429794), a former financial advisor in Wauwatosa, Wisconsin. Starnes, who was most recently registered with SA Stone Wealth Management Inc., has been indicted on federal wire fraud charges and barred from the securities industry.

Allegations of Fraud and Misappropriation

In January 2024, a federal grand jury reportedly indicted Starnes on two counts of wire fraud, each carrying a potential 20-year prison sentence and up to three years of supervised release.

Between November 2019 and May 2023, Starnes allegedly:

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

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

• Used the money for personal expenses, including credit card bills.

• Created fake investment statements with logos of legitimate firms such as Barclays to conceal the fraud.

• Paid withdrawal requests using money from his personal accounts in a Ponzi-like fashion.

Regulatory Actions and Customer Complaints

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

• July 2023 – FINRA barred him from the industry after he refused to testify regarding a customer complaint.

Pending Customer Complaints

• August 2023 Complaint – A client alleges investing $35,000 with Starnes through personal checks. After requesting a liquidation, she discovered that the listed companies had no record of her investments. She is seeking $35,000 in damages.

• May 2023 Complaint – A representative of a deceased client alleges Starnes deposited funds into his personal accounts and promised repayment. The estate is seeking $153,689 in damages.

Robert Starnes’ Broker History

According to FINRA BrokerCheck, Starnes was registered with:

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

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

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

Investor Recovery Options

Investors who lost money due to Robert Starnes’ alleged fraud may still have legal recourse. Brokerage firms such as SA Stone Wealth Management can be held liable for failing to supervise their advisors.

FINRA Arbitration vs. Class Action

• FINRA Arbitration – Often faster, confidential, and tailored for investors with significant losses (typically over $100,000).

• Class Action – May be more suitable for investors with smaller, similar claims.

The White Law Group has handled over 800 FINRA arbitration cases nationwide and can help you evaluate recovery options.

Free Consultation

If you suffered investment losses with Robert Starnes or SA Stone Wealth Management, contact The White Law Group for a free consultation at (888) 637-5510.

Our attorneys have over 30 years of securities law experience, focusing on claims involving:

• Investment fraud

• Misrepresentation & omission of material facts

• Unauthorized trading

• Unsuitable recommendations

• Churning and excessive trading

FAQs about Robert Starnes and SA Stone Wealth Management

1. What is Robert Starnes accused of?
He is accused of wire fraud and misappropriating client funds, including creating fake account statements to conceal losses.

2. How can investors recover money lost with Robert Starnes?
Investors may pursue claims through FINRA arbitration against SA Stone Wealth Management or other broker-dealers that employed him.

3. Is SA Stone Wealth Management liable for Starnes’ actions?
Brokerage firms have a duty to supervise financial advisors. If they fail in this duty, they may be held responsible for investor losses.

4. What should I do if I suspect my advisor committed fraud?
Consult with a securities attorney to explore recovery options. Legal remedies may include filing a FINRA arbitration claim.

5. What is the difference between a FINRA arbitration and a class action lawsuit?

• Arbitration: Individualized, generally faster, and more effective for larger claims.

• Class Action: A group claim, typically for smaller individual losses.