A Wauwatosa man has been charged with two counts of wire fraud after he allegedly used his clients’ funds to pay for his own personal expenses.
Robert Starnes was the owner and operator of Robert C. Starnes Financial Services, d.b.a.
Starnes Financial Services, which was located in Wauwatosa.
Starnes ran the business and was a registered investment advisor. From November 2019 through May 2023, Starnes is accused of taking money from clients by promising them he would invest the money and return the funds with investment gains.
However, Starnes allegedly deposited the funds into his personal bank accounts. He would give his victims fabricated statements that claimed to show their investments had indeed generated investment returns, according to an indictment in the case.
When his victims asked to make withdrawals from their fake investment accounts, Starnes allegedly wrote checks and transferred funds from one of his own personal bank accounts.
“As a result of the scheme, Starnes used the victim investors’ funds to pay his own personal expenses, including paying off personal credit cards,” according to the indictment.
The indictment lists two specific incidents which led to the two wire fraud charges. On Jan. 19, 2021, Starnes allegedly transferred $37,000 worth of stolen funds. On Oct. 29, 2021, he transferred another $35,000. The total amount of money he is accused of stealing is not included in court documents.
Starnes faces up to 20 years in prison for each wire fraud charge.
