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 the allegations, 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.”