Bob Wamhoff-Former VSR Broker-Discloses Settlement of Customer Disputes

September 2016-St. Charles, MO

The FINRA records of  Robert (Bob) Wamhoff,  a  stockbroker who was formerly employed by  VSR Financial Services  disclose 7 prior customer disputes that are final.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Wamhoff, who operates Wamhoff Financial Planning and Accounting Services in St. Charles, MO discloses that he has settled 4 customer disputes , including:

  • FINRA Case 13-02493 in which a customer of VSR Financial Services alleged damages of $26,000  for breach of fiduciary duty, negligence and other claims related to an investment in real estate securities. That case was settled for $6,500.
  • A claim in July 2013 by a customer of VSR Financial Services who alleged unspecified damages for unsuitable investments in real estate securities and variable annuities. That case was settled for $30,000.
  • FINRA Case 9-6098 in which a customer of VSR Financial Services alleged damages of $150,000 for fraud, negligent omission and other claims in connection with investments in variable annuities, direct investments, limited partnerships and real estate securities. That case was settled for $65,000.

Wamhoff is currently employed by Calton & Associates, Inc. He was employed by VSR Financial Services from 8/2005-7/2016.

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have losses in an account in an account handled by Robert (Bob) Wamhoff or VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Robert B. Hardcastle-Former VSR Financial BrokerDiscloses Settlement of Customer Disputes

September 2016-Chesterfield, MO

The FINRA records of  Robert B. Hardcastle,  a  stockbroker who was formerly employed by  VSR Financial Services  disclose 11 prior customer disputes that are final.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Hardcastle discloses that he has settled 4 customer disputes , including:

  • NASD Case 5-5562- customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable investments in mutual funds and alleged damages of $300,000. The case was settlement for $130,000.
  • NASD Case 5-4574-customer alleged that Hardcastle, while employed by National Securities Corporation, made unsuitable, over concentrated investments in high risk aggressive stocks and claimed damages of $675,000. The case was settled for $100,000.

Hardcastle is currently employed by Summit Brokerage Services. His prior employment history includes:

  • VSR Financial Services 6/2004-9/2016
  • WS Griffith Securities 9/1999-6/2004

VSR Financial Services was fined $550,000 by the Financial Industry Regulatory Authority (FINRA) in May 2013 in connection with the sale of alternative investments. In their findings, FINRA criticised VSR Financial for recommending high concentration levels of alternative investments in customer accounts and for its lack of supervision over the use of consolidated reports prepared by brokers and provided to customers.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have losses in an account in an account handled by Robert B. Hardcastle or VSR Financial Services , contact us to discuss how you may be able to recover damages for those losses.

 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Charles J. Lawrence-Former Morgan Stanley Broker-Discloses Discharge From Employment

September 2016-Palm Harbor, Florida

The FINRA records of  Charles J. Lawrence,  a  stockbroker who currently is employed by  R. F. Lafferty & Co.  disclose a recent employment separation after allegations.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In March 2016, Lawrence was discharged from Morgan Stanley who made the following allegations on his FINRA record: “Allegations involving adherence to industry rules and/or firm policy regarding use of trading discretion.”

Lawrence  was registered with Morgan Stanley from 6/2009-4/2016. He has been registered with R.F. Lafferty since 4/2016.

What is Discretionary Authority ?

 In this context, it means that the broker makes trades in the customer’s account without first consulting the customer. It means that the broker can decide how much of a security to buy or sell, and at what price, without customer input. Generally discretionary trading in an investor account is only allowed if the investor has authorized the broker to do so in writing and the brokerage firm has approved the account for discretionary trading.

If a broker makes trades in an account without having discretionary authority and without first consulting with the customer, that is generally considered to be an unauthorized trade and the customer may be entitled to damages for any losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Athanasios Tomaras-Former Fulcrum Securities Broker-Discloses Regulatory Issue and Customer Disputes

September 2016-Tampa, Florida

The FINRA records of  Athanasios Tomaras,  a  stockbroker who currently is employed by  R. F. Lafferty & Co.  disclose a prior regulatory event and 4 prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In August 2009, while employed by Morgan StanleyTomaras was ordered to cease and desist, fined $10,000 and suspended for ten business days by the Florida Office of Financial Regulation.

The Florida securities regulators found that Mr. Tomaras failed to observe high standards of commercial honor and just and equitable principles of trade in violation of section 517.161(1)(h), Florida Statutes and Rule 69W-600.013(2)(h), of the Florida Administrative Code, in connection with receiving referrals from insurance agents and opening new accounts for transferring customers.

In FINRA Case#15-0858 a customer of Fulcrum Securities, Tomaras prior employer, alleged that beginning in late 2013 his account was overly concentrated in the energy sector and that Tomaras failed to execute stop loss orders as instructed by claimant. The claimant alleged damages of $63,874 in losses as a result of failure to execute stop losses in Cline and PWE. Claimant also alleged unsuitable trades. That case was settled in 4/2016 for $25,000.

In FINRA Case#13-01133, a customer of Fulcrum Securities alleged damages of $569,300 arising out of the liquidation of a position that transferred into the firm. The customer alleged breach of fiduciary duty, violation of FINRA Rule 2010, breach of contract, negligence, violation of the FL securities act and control person liability. That case was settled in 10/2014 for $35,000.

Tomaras  has been registered with R.F. Lafferty since 10/2015. He was registered with Fulcrum Securities from 3/2012-3/2016. Prior to that he was registered with Morgan Stanley from 4/2007-3/2012.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870