SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
Innovent Biologics Shares Rally on New Eli Lilly Oncology and Immunology Deal 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
TAMPA, Fla., Feb. 03, 2017 -- Goodman & Nekvasil, P.A., announces they have won a FINRA arbitration award against Source Capital Group, Inc. ("Source Capital") on behalf of an 88 year old retiree from St. Simons Island, Georgia, and a retired couple from Yorkville, Georgia.
William B. Lashlee and Keith and Joyce A. McCrea alleged that in 2012, they were sold unregistered and unsuitable investments in IPG stock by Joseph S. Hooper ("Hooper"), a Source Capital representative. Lashlee invested $220,000 and the McCreas invested $590,000, for a total investment of $810,000 in IPG. IPG filed for bankruptcy only months later, namely in January 2013, and their entire investment was lost.
These investors alleged that Source Capital negligently supervised Hooper. The evidence at the arbitration hearing showed that Hooper was assigned to a Bowling Green, Kentucky, branch office of Source Capital, but the manager of that office was never told that he was responsible for supervising Hooper and never supervised Hooper. The hearing evidence also included findings by FINRA that Source Capital negligently supervised this Bowling Green, Kentucky, branch office during that period.
After a week-long hearing on December 6 - 9, 2016, a Jacksonville, Florida, arbitration panel agreed with these investors. The panel awarded Lashlee and the McCreas their out-of-pocket losses of $810,000, and tacked on prejudgment interest of $66,989.04 for Lashlee and $80,239.73 for the McCreas. The panel also awarded $20,000 in sanctions for Source Capital's violation of panel discovery orders, and $24,630.36 in costs. Source Capital was also ordered to pay $250,000 in attorneys' fees.
"This award shows that arbitration panels will make broker-dealers pay when the evidence shows a complete breakdown of supervision," said Kalju Nekvasil, Esq., of Goodman & Nekvasil, P.A. According to Nekvasil, the claimants' Clearwater, Florida, attorney, brokerage firms must investigate red flags and cannot rely on the advisor to disclose his misconduct to them. "FINRA has long rejected the 'ostrich defense,'" said Nekvasil.
Important Contact Information Attorney for Claimants Kalju Nekvasil, Esq. Goodman & Nekvasil, P.A. 14020 Roosevelt Blvd., Suite 808 P.O. Box 17709 Clearwater, FL 33762 727-524-8486 727-524-8786 (fax) Email address: [email protected]
