The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Robert Wamhoff. According to his publicly available FINRA BrokerCheck report, Robert Wamhoff has been the subject of multiple customer disputes.
Robert Wamhoff operated most recently as a Missouri based securities broker. He worked in the securities industry for twenty-six years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Mutual Service Corporation (1990-2004)
- Commonwealth Financial Network (2004-2005)
- VSR Financial Services (2005-2016)
- Calton & Associates (2016-2019)
The Allegations
- In November 2009, a customer alleged fraud, negligent omission of material fact, violation of the Missouri Securities Act of 2003, violation of the Illinois Securities Act, breach of fiduciary duty, negligence, and breach of FINRA rules. This case was settled for $65,000 in damages.
- In July 2012, a customer alleged that Robert Wamhoff breached his fiduciary duty, breached FINRA rules, breached contract, and handled their account negligently. This case was settled for $22,500 in damages.
- In July 2013, a customer alleged that Robert Wamhoff recommended unsuitable investments. This case was settled for $30,000 in damages.
- In October 2017, a customer alleged breach of fiduciary duty and negligence against Robert Wamhoff. This case is currently pending. The customer is seeking $55,000 in damages.
What Does This Mean?
Securities brokers have an obligation to always act in the best interests of their customers. This obligation is also known as a fiduciary duty. When securities brokers make a decision that goes against their customer’s financial interests, they have breached this duty. This encompasses a number of allegations that include recommending unsuitable investments, making material misrepresentations and omissions, excessively trading their account, executing unauthorized trades, and committing fraud.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes and Fosher wants to help those who have been hurt by Robert Wamhoff. If you, or anyone you know, have lost money investing with Robert Wamhoff, please contact us immediately for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
