Published On: September 23, 2015

Stoltmann Law Offices is investigating Karl L. Kittlaus, a broker with Wall Street Strategies and Garry N. Savage, the firm’s President, Chief Executive Officer and Chief Compliance Officer. Both were accused by the Financial Industry Regulatory Authority (FINRA) of recommending a high-risk alternative investment to various customers called Renewable Secured Debentures, issued by GWG Holdings, Inc. GWG purchased life insurance policies on the secondary market, paid the policy premiums and collected the policies upon the death of the insured person. The debentures were high-risk, illiquid and alternative investments that were not suitable for all investors. Every investment adviser has a duty to take client’s net worth, portfolio and investment objectives, as well as age into account when making recommendations. If the securities are not suitable for the customer and he suffers losses, the broker’s member firm can be held responsible for those losses because of not properly supervising him. Savage and Wall Street Securities are both charged with failing to fulfill their supervisory responsibilities to ensure the suitability to customers, failing to reasonably supervise the activities and correspondence of representative in branch offices and failing to reasonably supervise Kittlaus.

Louis Karl Kittlaus was registered with McCormick & Co. Inc., ENI Corporation, First Columbia Corporation, Moseley, Hallgarten & Estabrook, Institutional Financial Services, Individuals’ Financial Services Inc., Kittlaus Company, Fox & Henry Inc., Daly Investment Co., Birkelbach Investment Securities, WFG Securities Corporation, Oak Brook Securities Corp, Cousins Securities Corporation, Strategic Assets, Pavek Investments, Steven L. Falk & Associates, Alliance Affiliated Equities Corp, and Edwin C. Blitz Investments. He is currently registered with Wall Street Strategies in Chicago, Illinois and has been since April 2012. He has one customer dispute against him, which is currently pending and one criminal disposition against him. Garry N. Savage was registered with Royal Alliance Associates in New York, New York from October 1993 until March 1995 and Securities America in Lavista, Nebraska from March 1995 until August 1995.

If you invested money with Louis Karl Kitloff, please call our securities law firm in Chicago at 312-332-4200 to speak to an attorney about your options of suing his firm, Wall Street Strategies, for not properly supervising him. The call is free with no obligation and we take cases on a contingency fee basis, so we only make money if you recover investment losses.

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