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FRANKOWSKI FIRM INVESTIGATING LPL FINANCIAL, LLC FOR SALE OF NON-TRADED REITS IN NEW JERSEY

The New Jersey Bureau of Securities has entered an Administrative Consent Order making findings against LPL Financial and assessing a civil penalty of $950,000 for LPL’s unsuitable sales of alternative investments including non-traded real estate investment trusts (REITs), non-traded business development companies (BDCs), and other non-traded (and therefore illiquid) investments. The Bureau found that LPL failed to supervise the sales of these illiquid alternative investments and sold them to investors for whom the investments were unsuitable. The New Jersey Prospectus Suitability Standards for one of the non-traded REITs involved limited investment to 10% of the investor’s liquid net worth, yet the client’s LPL investment represented close to 20% of the client’s liquid assets. The Bureau also noted other investments which were likewise excessive as a percentage of the clients’ net worth. Non-traded REITs pool investor capital to purchase portfolios of investments in real estate properties. Unlike REITs which trade on a national securities exchange, non-traded REITS (as their name implies) [...]

By |November 4th, 2017|Uncategorized|
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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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Frankowski Firm Investigating Jerry McCutchen for Multiple Acts of Broker Negligence and Fraud

The Frankowski Firm is continuing its investigation of now-expelled securities broker Jerry McCutchen. McCutchen has been the subject of a multitude of customer complaints since 2000, the vast majority of which were filed since 2012. These complaints contain various allegations of securities law violations, including unsuitable investment recommendations, negligence, and fraud, among other causes of action. Many of the claims pertain to the alleged sale of various illiquid, risky, and speculative investments, including equipment leasing funds and non-traded real estate investment trusts, as well as variable annuities. One of the issues with these products is that they are associated with high commissions for the brokers who sell them and a small chance of success for the purchasing customer. The costs and fees of these products make it so expensive that large returns on investment are practically impossible. Further, customers are not compensated for the risks relating to these investments. Jerry McCutchen began working in the securities industry in 1983. From [...]

By |July 21st, 2017|Uncategorized|
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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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