MILWAUKEE — A man claiming to be an investment broker and retirement advisor in Wauwatosa will spend nearly 3.5 years in jail for investment fraud.
66-year-old Robert Starnes of Wauwatosa was sentenced to 40 months in prison for an investment fraud scheme that resulted in a loss of more than $3 million to more than a dozen victims.
Court records show that Starnes operated Robert C. Starnes Financial Services in Wauwatosa, convincing friends and family members to invest their retirement savings with him and promising to increase the value of their retirement savings through his investment strategies. He provided them with fake statements, showing that their investments were growing when in reality, Starnes was depositing the money in his personal bank account and using the funds to pay for his own expenses…