A Wauwatosa financial adviser has been indicted on two counts of wire fraud after authorities say he used clients’ money to pay off his personal expenses.
Robert C. Starnes is accused of seeking investment funds from clients by promoting safe returns on those investments, but instead depositing the money into his personal bank account.
Starnes is a registered investment adviser and operated Robert C. Starnes Financial Services, in the 2300 block of North 124th Street in Wauwatosa. He was indicted by a federal grand jury on Jan. 17.
According to prosecutors, Starnes would provide investors with fake 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, he could be sentenced to up to 20 years in prison on each count. An attorney is not listed on the court docket for Starnes.