Robert Loftus; Wells Fargo Advisors; New York, New York

According to a recent Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA), Robert Loftus was accused of depositing checks that were drawn on his personal checking account into the brokerage account that he held with his member firm, Wells Fargo. Loftus knew he lacked sufficient funds to cover the checks. He did so to benefit from the “float” on the checks, to derive the benefit of the funds from the time they were credited until other funds were deposited in the account. He also did this to artificially inflate the balance in his Wells Fargo account to prevent four checks that he had written against the account from bouncing. Wells Fargo paid for the four checks. This is against securities rules and regulations.

Loftus was registered with EF Hutton & Company, Oppenheimer & Co., Morgan Stanley, Montgomery Securities, Banc of America, Citigroup and Wells Fargo Advisors 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. Please call us today if you sustained losses with Mr. Loftus. We may be able to help you bring an arbitration claim against his former firm, Wells Fargo, for not reasonably supervising him while he was registered there. The call to us is free with no obligation. We take cases on a contingency fee basis only. 312-332-4200.