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Frankowski Firm Investigating Broker Bob Wamhoff

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 [...]

By |August 31st, 2017|Legal Matters, Broker Check|
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FINRA Arbitrators Explaining Expungement Decisions More Thoroughly

FINRA arbitrators are starting to explain expungement decisions more thoroughly, getting rid of some of the mystery associated with removing customer disputes from brokers' records. This can certainly be seen in recent awards. According to the Securities Arbitration Commentator, the number of explained decisions in cases where the parties reached a settlement has increased to twenty-two percent through the first quarter of 2017 from fifteen percent last year. "Arbitrators are feeling ... in stipulated proceedings that they owe a greater explanation as to why they're doing what they're doing," says editor of the Securities Arbitration Commentator Rick Ryder. "They are perhaps taking a view that a good explanation is a precedent. It helps the parties to have these explanations." Almost every brokerage contract has a mandatory arbitration clause. Customer complaints are resolved by a panel of three arbitrators, who either come from the industry or are public arbitrators. These arbitrators decide the cases, if they do not get settled [...]

By |April 11th, 2017|FINRA, Broker Check|
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Corrine Mittag Faces Sanctions From FINRA Over Alleged Email Fraud

Corrine Mittag, formerly a broker with BancWest Investment Services, is looking at sanctions from FINRA for allegedly wiring $34,000 from a client's account without approval and as requested by a fraudulent email, according to the regulator. FINRA ordered that at least one sanction be levied against Mittag, who is now with COR Clearing. In January 2015, Mittag allegedly got an email asking that she sell securities in a client's account. The sales were to generate cash to pay for a wire request to another party in the U.K., according to a Disciplinary Proceeding. Mittag claimed she was the victim of a phishing scheme, her BrokerCheck Report shows. Violating her company's policies that forbade trade requests received via email and which mandated wire requests by confirmed by phone, Mittag never received the appropriate authorization from the client for the sales or approval from the firm. FINRA further claims Corrine Mittag, who has been a registered representative since 1996, misled BancWest, saying [...]

By |March 30th, 2017|Broker Check|
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Paul Stanley Of Waddell & Reed Barred By FINRA

FINRA announced that it barred former Waddell & Reed Inc. broker Paul Stanley, who was dismissed by Wadell & Reed in January 2016 for failing to comply with the company's professional conduct, supervisory, and compensation policies. Stanley failed to show up for on-the-record testimony sought by the regulator. He, however, reached a settlement with FINRA, neither admitting nor denying its findings. Paul Stanley's BrokerCheck states that he "failed to provide complete information during the firm's internal investigation." Additionally, he "allowed" a representative "who was not properly licensed to participate in solicitation of investment advisory business" and "directed" a representative "to conduct firm business during an internal firm-imposed administrative suspension." Further, Stanley "directly compensated" representatives "outside of firm compensation policies." Stanley began working in the securities industry in 1998. He was registered with eight firms before registering with Waddell & Reed in 2013. Those firms include J.P. Morgan Securities LLC; Chase Investment Services Corp.; Lincoln Financial Advisors Corporation; UBS Financial Services, Inc.; UVEST Financial [...]

By |March 15th, 2017|Broker Check|
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