Wallace was born in St. Louis, Missouri as Frank Valicenti, but his family changed their name when he was a youth. During World War II, he was captured by the Germans and spent sixteen months in a prisoner of war camp. After returning to St. Louis, he played with Raftery during the 1945–1946 season.[2] He was the third leading scorer in the St. Louis Major League during the 1947–1948 season while playing with Steamfitters.[3] He later spent ten seasons with St. Louis Simpkins-Ford.