[1] Born in Chicago, Illinois, after the early death of his mother, Robert Fomon and his older brother Samuel spent their childhood with relatives in Appleton, Wisconsin, where they attended high school.
The May 6, 1987 New York Times wrote that his leadership "helped build the retail-oriented brokerage house into one of the industry's most successful during a difficult era on Wall Street.
"[5] Robert Fomon also recognized the potential dangers of mergers in the financial industry and advised the Republican administration of President Nixon that he believed there was a fundamental conflict of interest in the case of money management firms and brokerage houses and the two should operate as independent entities.
[6] In 1984 the United States Attorney for the Middle District of Pennsylvania opened a federal criminal probe into an E. F. Hutton check-overdrafting scheme that operated between 1980 and 1982 and which earned the company millions of dollars in illegal gains.
As a result, the company's reputation was severely tarnished and it began losing clients which quickly led to financial difficulties.