TTENTION INVESTORS: Losses from Capital Financial Services Broker Steven Knuttila?
Financial Industry Regulatory Authority (FINRA) barred Capital Financial Services Inc. broker Steven Roland Knuttila (CRD#: 3039112, Perham, Minnesota) from the securities industry for making bad recommendations to customers. Notably, Mr. Knuttila, who was employed with Capital Financial Services, Inc. between June 4, 2012 and December 31, 2017 as a broker or supervisor, amassed 39 customer complaints, 2 regulatory actions and was terminated for violating industry and regulatory rules, according to Financial Industry Regulatory Authority (FINRA) BrokerCheck. Here is a summary of the recent events concerning Mr. Knuttila:
FINRA Bars Mr. Knuttila For Making Unsuitable Investment Recommendations To Customers
First of all, Mr. Knuttila submitted a Letter of Acceptance, Waiver and Consent #2017052705601 that FINRA accepted on July 19, 2018. Evidently, Mr. Knuttila stipulated to findings of him failing to answer FINRA’s questions or otherwise participate in a FINRA investigation. Apparently, on November 27, 2017, FINRA investigated allegations of Mr. Knuttila’s bad trading practices.
Supposedly, pursuant to Rule 8210, FINRA asked Mr. Knuttila on May 10, 2018 to testify about the allegations concerning his unsuitable trades. Later, Mr. Knuttila had a phone conversation with FINRA where he expressed his unwillingness to cooperate with its requests. Most importantly, he never appeared to testify. Because of this, FINRA stated that Mr. Knuttila violated FINRA Rules 8210 and 2010.
January 16, 2019 Arbitration Alleging Steven Knuttila’s Unsuitable Trades
A customer of Capital Financial Services Inc. filed FINRA Arbitration #19-00203 on January 15, 2019. Notably, the customer alleged that Mr. Knuttila made unreasonable trades involving real estate security and oil & gas products. Additionally, Mr. Knuttila allegedly violated a fiduciary duty and breached an agreement with the customer. Because of this, the customer requested an indeterminate amount of damages in this pending matter.
December 17, 2018 Arbitration Alleging Steven Knuttila’s Fraud, Failure To Supervise
Also, on December 7, 2018, a Capital Financial Services, Inc. customer brought FINRA Arbitration #18-04170. According to the customer, the firm or Mr. Knuttila engaged in common law fraud in connection with the customer’s investments in oil & gas, equipment leasing, and real estate securities products. Not only that, but Mr. Knuttila or the firm allegedly violated fiduciary duties and failed to supervise the customer’s investment transactions. As a result, the customer demanded compensatory damages which the firm suspects is greater than $5,000.00.
December 13, 2018 Arbitration Alleging Steven Knuttila’s “Speculative Private Placement Investments”
A customer of Questar Capital Corporation brought FINRA Arbitration #18-04141 on December 6, 2018. Notably, the customer brought a kitchen sink claim, alleging breach of fiduciary duty, unsuitability, common law fraud, negligent supervision, breach of contract, and violation of Minnesota Securities Act. Allegedly, Mr. Knuttila sold speculative private placement investments that included real estate investment trust (REIT) products, equipment leasing funds, oil and gas investments, and annuities. Therefore, the customer requested an undetermined amount of damages. While the customer’s claim may be true, this matter is not resolved as of yet.
November 5, 2018 Arbitration Alleging Steven Knuttila’s Fraudulent Energy Sector Investments
Even more, on November 5, 2018, a Questar Capital Corporation customer contested Mr. Knuttila’s sales practices by bringing FINRA Arbitration #18-03739. Supposedly, Mr. Knuttila or the firm engaged in fraudulent transactions. Evidently, the customer was invested in oil and gas programs, OTC equities, direct investments, and NASDAQ traded common stock. Because of this, the customer demanded over $127,000 in compensatory damages. Currently, this matter is unresolved.
October 29, 2018 Complaint Alleging Steven Knuttila’s Breach Of Fiduciary Duty
A Capital Financial Services customer brought FINRA Arbitration #18-03642 on October 29, 2018. Firstly, Mr. Knuttila was accused of making bad trades for the customer’s account. Secondly, he supposedly failed to comply with his duties to the customer. Thirdly, the customer claimed Capital Financial Services did not supervise Mr. Knuttila’s transactions that caused the customer harm. As a result, the customer alleged $600,000 in damages in this unresolved matter.
Experienced losses by investing with Steven Roland Knuttila? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.