Stoltmann Law Offices is investigating Robert Edward Loftus, a former broker with Wells Fargo Advisors. According to a Financial Industry Regulatory Authority (FINRA) Disciplinary Proceeding, Loftus allegedly deposited checks that were drawn on his personal checking account into the brokerage account he held with his member firm employer, Wells Fargo. Loftus knew that he lacked sufficient funds to cover the checks at the time. He did so to benefit from the “float” on the checks. This is when an individual takes advantage of the time it takes to use non-existent funds in a bank account. It is against securities rules and regulations. Loftus did so to artificially inflate the balance in his Wells Fargo account and to prevent four checks he had written against it from bouncing. He was terminated from the firm on July 2nd, 2013.
Robert Edward Loftus was registered with E.F. Hutton & Company, Oppenheimer & Co., Morgan Stanley, Montgomery Securities, Banc of America, Citigroup and Wells Fargo in New York, New York from March 2009 until July 2013. He is currently registered with Arcadia Securities in New York and has been since July 2013. He has four judgments/liens against him. If you invested money with Loftus and would like to speak to an attorney about your options of recovering your financial losses, please call our securities law firm to speak to an attorney about your options. The call to us is free and there is no obligation.