Frankowski Firm

The Frankowski Firm is investigating potential claims against former stockbroker Robert Edward “Bob” Wamhoff.  Until 2019, Mr. Wamhoff worked for the firm of Calton & Associates, Inc. of Saint Charles, Missouri. Mr. Wamhoff previously was with VSR Financial Services, Inc. which is in the Saint Louis, Missouri area. Customer Complaints Against Bob Wamhoff According to Financial Industry Regulatory Authority (“FINRA”) data, ten of Mr. Wamhoff’s customers have brought claims against him since 2009. The substance of these claims involved violations of FINRA rules and state securities laws, including: Breach of Fiduciary Duty, Suitability, Breach of Contract, violation of Securities Regulatory Rules, Common Law Claims, Ongoing Fraud, and Violations of Missouri Securities Act of 2003. Bob Wamhoff and UDF IV REIT One of the allegations against Mr. Wamhoff involved purchases of illiquid Real Estate Investment Trust (“REIT”) investments in United Development Funding IV (“UDF IV”), which were allegedly purchased against the client’s investment wishes and without the client’s knowledge. According to [...]

Oppenheimer & Co., Inc. has been hit with a $36.7 million award against it, issued by a panel of arbitrators with the Financial Industry Regulatory Authority (“FINRA”). The arbitration arose from customer complaints that Oppenheimer’s broker John Woods sold them an alleged private equity fund investment which turned out to be a massive Ponzi scheme. The investors alleged violations of FINRA rules, breach of fiduciary duty, negligence, violation of Georgia’s RICO statute, and breach of contract. The investors claimed $6 million in lost investment principal, while also demanding treble damages under the RICO statute, punitive damages, attorneys fees and case expenses, and interest. SEC Action Against Oppenheimer Broker John Woods The claims followed an SEC action against John Woods, of the Marietta, Georgia area. The SEC obtained a restraining order and freeze of assets against Woods last August, based on charges that Woods was operating a $110 million Ponzi scheme while registered as a stockbroker through Oppenheimer. According to the [...]

Michael Todd, of Crystal River, Florida, has been fired by Centaurus Financial, Inc. after failing to cooperate with an investigation into a customer's complaint, according to his FINRA BrokerCheck Report. Michael Todd Customer Complaint Alleges Selling Away On May 27, 2022, one of Michael Todd's customers filed a Financial Industry Regulatory Authority ("FINRA") arbitration claim alleging that Todd misrepresented a mortgage fund investment which turned out to be illiquid, high risk, and unsuitable and sold without Centaurus's knowledge or approval. The customer alleged $100,000 in damages. Following the complaint, Centaurus launched an investigation into the customer's allegations, investigating whether Todd violated firm policy and/or industry rules by selling away and receiving customer funds. According to Todd's BrokerCheck report, Todd failed to cooperate with Centaurus's ongoing investigation, resulting in his dismissal. FINRA rules 3280 and 2010, prohibit “selling away” (i.e., the sale of securities not offered or held by the brokerage firm with which the broker is associated) and require FINRA [...]

The Financial Industry Regulatory Authority ("FINRA") has barred former T3 Trading Group stockbroker Suresh Kumar, of Mission, Kansas, from ever working or associating as a FINRA registered broker in all capacities. Kumar consented to the sanction for the entry of FINRA's findings that he made material misrepresentations to clients regarding why he could not repay their funds. Kumar worked as a stockbroker at Echotrade LLC from 2009 to 2013 then moved to T3 Trading Group, LLC from 2013 to 2020, according to his FINRA BrokerCheck report. FINRA's Findings Against Suresh Kumar According to FINRA, Kumar operated an undisclosed outside business activity where he received hundreds of thousands of dollars from clients who thought he was a registered stockbroker working for and through an official brokerage firm. Through various verbal and written agreements, Kumar convinced participants to sign up and pay for a course where he would train them on how to pass the Series 57 exam, how to trade securities [...]