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KEVIN MCCALLUM HIT WITH $4.8 MILLION CUSTOMER CLAIM INVOLVING MEDLEY CAPITAL STOCK

Kevin McCallum, an Alabama-based stockbroker and financial advisor with Glacier Point Advisors, LLC, who was previously registered with LPL Financial, LLC and NBC Securities, Inc., has disclosed a $4.8 million arbitration claim filed by his customers related to their investment in Medley Capital Corporation. According to the customers’ complaint, McCallum exercised discretionary trading authority in the customers’ account and used over-concentrated the account in a large position in Medley Capital Corporation. Medley Capital holds itself out as a non-diversified closed-end management investment company whose business model was to attempt to generate income and capital appreciation by lending funds to privately-held middle-market companies, primarily through directly originated transactions. The customers alleged that by October 2018, the Medley Capital position constituted over 85% of the total value of their account even though they knew nothing about the company and had no role in the selection of the stock for their account. According to their allegations, McCallum’s customers had a moderate risk profile [...]

By |February 2nd, 2021|FINRA|
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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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Is it Acceptable to Sue Your Broker for Losses? 

Not every investment loss is the fault of your broker. Even the most upstanding, capable broker can put you in an unsuccessful investment. However, in some situations, investors lose substantial amounts of money due to the negligent or fraudulent acts of a broker. While you may be tempted to simply cut your losses and move on to the next investment opportunity, some situations involve legitimate claims that are best handled with the assistance of a skilled investment fraud law firm. First, it is important to understand the duty of care that the law imposes on a broker when investing client funds. The law only requires brokers to act in a manner that is suitable to a client’s individual financial needs. The difference between this and fiduciary duty lies in the level of commitment. A fiduciary duty requires the broker to place the client’s best interests even above his own. Therefore, even if an investment action will benefit the investor, but [...]

By |May 17th, 2017|Uncategorized|
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Tips for Choosing the Right Financial Planner for Your Interests

A financial planner offers a variety of benefits. The right individual can help you achieve a long-term financial goal or guide you toward a lifetime of financial security. Unfortunately, many individuals have trusted their money to the wrong financial planner, leading to lost assets and, in some cases, financial ruin. First, it is important to understand the role of a financial planner. These professionals help you make wise decisions about how to spend, save, and invest your money. By reviewing your financial information, along with inflation data and investment return analysis, financial planners create projections of the best way for you to meet financial goals, such as buying a house or saving for retirement. At The Frankowski Firm, we want to help our clients make wise choices about their finances. That is why we have created this list of tips for choosing a financial planner. Conduct a background check on your financial planner Background information is an excellent indicator of [...]

By |May 10th, 2017|Uncategorized|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.