Financial advisory malpractice is a serious issue that can inflict significant financial harm on investors. One such case under investigation involves Robert Starnes, a former representative of SA Stone Wealth Management Inc. The allegation against Starnes is that he took $35,000 from a client for investments that were never made. This is a grave allegation that, if proven, could lead to severe consequences for the advisor and the company.
The Seriousness of the Allegation
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The allegation against Robert Starnes is that he accepted $35,000 from a client for investments that were never made. The client claims she wrote checks to Starnes in September 2021 and August 2022, but when she requested for her investments to be liquidated in April 2023, the funds were not returned. According to her complaint, neither of the companies listed on the statements provided by Starnes have a record of her account or the investment he claimed to have made with her funds. This raises serious concerns about the integrity of the advisor and the company.
Understanding the FINRA Rule
The Financial Industry Regulatory Authority (FINRA) is a self-regulatory organization that oversees brokerage firms and their registered representatives. The FINRA Rule 8210 requires firms and individuals to provide information and testimony upon request in investigations. If Robert Starnes and SA Stone Wealth Management Inc. are found to have violated this rule, they could face disciplinary action from FINRA.
The Importance of This Case for Investors
This case is significant for investors because it highlights the risk of financial advisor malpractice. Investors trust their advisors to act in their best interest, but when that trust is violated, it can result in substantial financial losses. It’s essential for investors to be aware of this risk and to take steps to protect themselves.
Red Flags and Recovery of Losses
Investors should be aware of red flags that may indicate financial advisor malpractice. These can include unexplained losses, unauthorized trades, or a lack of communication from the advisor. If you suspect malpractice, it’s important to take action quickly to recover your losses. One way to do this is through FINRA Arbitration, a dispute resolution process that can help investors recover losses due to advisor misconduct.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating this case. With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has successfully recovered financial losses for investors. They offer free consultations to clients and operate on a “No Recovery, No Fee” policy. If you have been affected by this case or suspect financial advisor malpractice, you can reach out to them at 1-800-856-3352.
Investors can also check the FINRA CRD number of their advisor for any disciplinary actions or complaints. In this case, the CRD number for Robert Starnes is 1429794, and it can be checked on the FINRA BrokerCheck website.
Investing should be a secure and profitable venture. However, when trust is violated through financial advisor malpractice, it can lead to significant losses. It’s essential for investors to be vigilant and take action if they suspect malpractice. With the help of experienced law firms like Haselkorn & Thibaut, investors can recover their losses and hold those responsible accountable.
