Chinalco and Rio Tinto Acquire Controlling Stake in Brazil’s CBA for $903 Million 
SpaceX Reports $8 Billion Profit as IPO Plans and Starlink Growth Fuel Valuation Buzz 
Apple Earnings Beat Expectations as iPhone Sales Surge to Four-Year High 
Nvidia’s $100 Billion OpenAI Investment Faces Internal Doubts, Report Says 
Nvidia Confirms Major OpenAI Investment Amid AI Funding Race 
Bob Iger Plans Early Exit as Disney Board Prepares CEO Succession Vote 
Panama Supreme Court Voids Hong Kong Firm’s Panama Canal Port Contracts Over Constitutional Violations 
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case 
Using the Economic Calendar to Reduce Surprise Driven Losses in Forex 
Federal Judge Signals Possible Dismissal of xAI Lawsuit Against OpenAI 
American Airlines Plans Return to Venezuela Flights After U.S. Lifts Ban 
Climate Adaptation at Home: How Irrigreen Makes Conservation Effortless 
Panama Supreme Court Voids CK Hutchison Port Concessions, Raising Geopolitical and Trade Concerns 
NVIDIA, Microsoft, and Amazon Eye Massive OpenAI Investment Amid $100B Funding Push 
Apple Faces Margin Pressure as Memory Chip Prices Surge Amid AI Boom 
Pentagon and Anthropic Clash Over AI Safeguards in National Security Use 
TAMPA, Fla., May 25, 2017 -- Goodman & Nekvasil, P.A., announces they have won a FINRA arbitration award against Wall Street Strategies, Inc. ("WSSI") on behalf of Margaret D. White, a 75 year old retiree from Lehigh Acres, Florida. Mrs. White has only a high school education and cleans homes for a living.
White alleged that Louis K. Kittlaus ("Kittlaus"), a WSSI representative, recommended that she invest $100,000 in Fuel-From-Waste, LLC, in 2012. Fuel-From-Waste, LLC, was a Fairfield, New Jersey, company that intended to build a plant to convert animal waste into organic oil. Mrs. White alleged that this high-risk investment was unsuitable for her and that Kittlaus misrepresented the risks of this investment. Mrs. White also alleged that WSSI did not conduct a reasonable due diligence on this investment. Mrs. White lost her entire investment.
Kittlaus was suspended from the securities industry for two years by FINRA for making false, exaggerated, unwarranted and misleading statements to the public, and did not appear at the April 18 - 19, 2017, hearing in Tampa, Florida. After hearing evidence for several days, including the testimony of Garry N. Savage, Sr., the CEO, Chief Compliance Officer and President of WSSI, the Arbitration Panel found that WSSI was liable to Mrs. White for breach of contract, breach of fiduciary duty and negligence.
The Panel awarded Mrs. White her out-of-pocket losses of $93,857.36, along with prejudgment interest of $21,318.10. The Panel also awarded $2,500 in sanctions for WSSI's violation of Panel discovery orders, $38,972.93 in attorney's fees (which included $8,000 for filing a frivolous Motion to Dismiss) and $3,213.56 in costs.
"This award shows that arbitration panels will make broker-dealers pay when high-risk investments are sold without adequate due diligence," said Kalju Nekvasil, Esq., of Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm.
Important Contact Information Attorney for Claimant 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]
