Broker Fined and Suspended by FINRA for Allegedly Making False and Misleading Statements in Letter

Florida-based Soreide Law Group obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions December 2015.”
Louis Karl Kittlaus (CRD #602059, Naples, Florida)
was assessed a deferred fine of $25,000, suspended by FINRA for two years, and ordered to requalify by examination before becoming registered again in any capacity in the securities industry for allegedly making false, exaggerated, unwarranted and misleading statements in a communication he distributed to the public.
FINRA’s findings stated that Louis Karl Kittlaus wrote and distributed a letter received by a president of a FINRA member firm, and in it made exaggerated and unwarranted claims and improper predictions of future performance. The letter contained a pitch for alternative investments and an invitation to attend a dinner meeting, and attached to the letter were two pages describing renewable secured debentures issued by a company. The letter promised significant potential gain without disclosing any risks, including possible financial loss, and failed to provide the reader with any basis for evaluating the claims it made.
The allegation that Kittlaus distributed a misleading brochure advertising the debentures was dismissed.
This matter has been appealed to the NAC and the sanctions are not in effect pending review.
(FINRA Case #2012033508702)
Louis Karl Kittlaus has worked in the securities industry for 43 years and is currently registered with the following firm since 04/2012:
WALL STREET STRATEGIES, INC.
3180 NO. LAKESHORE DRIVE #5H, CHICAGO, IL 60657
Some of the firms Kittlaus was previously registered with were:
02/2009 - 04/2012 EDWIN C. BLITZ INVESTMENTS, INC. - EVANSTON, IL
02/2006 - 11/2008 ALLIANCE AFFILIATED EQUITIES CORPORATION - OVERLAND PARK, KS
11/2004 - 02/2006 STEVEN L. FALK & ASSOCIATES INC. - LAS VEGAS, NV
06/1999 - 01/2005 PAVEK INVESTMENTS INC. - EAU CLAIRE, WI
If you feel your broker or financial advisor made false and misleading statements to you regarding your investments and you experienced significant financial losses, call Soreide Law Group for a no-cost consultation with a lawyer regarding the possibility of recovery at:  888-760-6552.