Robert Charles Starnes of Wauwatosa, Wisconsin, a stockbroker registered with SA Stone Wealth Management Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Starnes failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules during the time that he was associated with SA Stone. Letter of Acceptance, Waiver, and Consent No. 2023078420501 (July 27, 2023).
On May 16, 2023, by filing a Uniform Termination Notice for Securities Industry Registration (known as a Form U5), SA Stone informed FINRA that they terminated Starnes’ registration This was because Starnes had violated company rules about how to handle money from customers.
FINRA told Starnes that he had to come in and give formal testimony on June 8, 2023. However, Starnes asked FINRA to postpone this meeting so he could decide whether to hire a lawyer. FINRA agreed to this.
On June 29, FINRA once again told Starnes that he had to come in and testify on July 13, 2023. But the day before the testimony was due, Starnes told FINRA over the phone that he would not be coming in to testify at all.
By not showing up to testify, Starnes violated FINRA Rules 2010 and 8210.
Public Disclosure shows that Starnes was also referenced in a customer initiated investment related complaint filed on May 3, 2023, in which the customer requested $153,689.00 in damages based upon allegations that Starnes “borrowed” customer funds during the time that Starnes was registered with Quest Capital Strategies Inc.
Starnes was registered with SA Stone Wealth Management Inc. as a stockbroker from December 6, 2019, to May 16, 2023.
