February 2018-Saint Charles, MO
The FINRA records of Robert (Bob) Wamhoff, a stockbroker who was formerly employed by VSR Financial Services disclose 2 currently pending and 8 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.
Two currently pending customers disputes are disclosed by Wamhoff:
- 7/2017-a customer of VSR Financial Services alleges poor performance of oil and gas investments and real estate securities (REITs) and seeks damages of $235,000.
- FINRA Case 17-0919- a customer of VSR Financial Services seeks damages of $50,000 and alleges breach of fiduciary duty, suitability, ongoing fraud, violation of Missouri Securities Act and other claims related to real estate securities.
Wamhoff is currently employed by Calton & Associates, Inc. He was employed by VSR Financial Services from 8/2005-7/2016. He discloses a business affiliation with DIBO Enterprises dba Wamhoff Financial Planning and Platinum Sports & Entertainment Management.
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.
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