The Frankowski Firm is investigating potential claims against stockbroker Robert Edward “Bob” Wamhoff. Mr. Wamhoff is currently with the firm of Calton & Associates, Inc. off Saint Charles, Missouri and previously was with VSR Financial Services, Inc. which is also in the Saint Louis, Missouri area. According to Financial Industry Regulatory Authority (“FINRA”) data, eight of Mr. Wamhoff’s customers have brought claims against Mr. Wamhoff 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.
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 purchased against the client’s investment wishes and without the client’s knowledge. Mr. Wamhoff further failed to sell the client’s investment in UDF IV upon its public offering, as instructed by the client. Mr. Wamhoff then failed to sell out of UDF IV as the investment plummeted in value during an investigation into UDF’s operations. This left the client exposed to the total collapse of the investment that occurred following an FBI raid of UDF’s offices in February 2016, when it was discovered that UDF was operating a $1 billion “Ponzi-like scheme.” To read the full article CLICK HERE.
The unsuitable UDF IV investment made and held by Mr. Wamhoff against his client’s wishes was extremely detrimental to the client but generated substantial fees for Mr. Wamhoff. If you or someone you know has been treated similarly in an investment recommended by Mr. Bob Wamhoff, please call us today at 888.741.7503 or fill out this contact form.