Tag Archives: Capital Financial Services problem

Steven Knuttila-Former Capital Financial Services Broker-Discloses 2 Regulatory Events, 23 Customer Suits and a Termination-Perham, MN

March  2019 – Perham, MN

According to public records of Steven Roland Knuttila (CRD#3039112)  a  stockbroker previously employed by Capital Financial Services, Inc., disclose 2 regulatory events, 16 pending customer disputes, 23 prior customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In June of 2018 Knuttila consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony relating to an investigation into allegations that he made unsuitable recommendations to customers.     As a result of this Knuttila has been permanently been barred from the securities industry by FINRA.

In April of 2018,  a regulatory action was initiated by the state of Minnesota alleging that Knuttila sold unsuitable investments to numerous clients.   Sanctions include a $40,000 in monetary penalties.  

From September 2010 until September 2018, twelve customer disputes were filed by customers of Questar Capital Corporation and Capital Financial Services, Inc. alleging various wrongdoing by Knuttila including  negligence, violations of the MN Uniform Securities Act, common law fraud, misrepresentation, breach of contract, unsuitable recommendations,  and breach of fiduciary duty.   The total paid out to settle these prior customer disputes was in excess of $1.78 million.

There are currently 16 pending customer suits  filed by customers of Questar Capital Corporation and Capital Financial Services, Inc. alleging various wrongdoing by Knuttila, including  unsuitable sales of alternative investments, breach of fiduciary duty, breach of contract, common law fraud, negligent hiring, poor investment advice, fraud, deceit, misrepresentation and omission of facts.   The alleged damages in these cases total more than $1.86 million .

Knuttila was with Capital Financial Services, Inc. from 6/2012-12/2017.   He also is the President and owner of Knuttila Financial Services. Prior to that he was with Questar Capital. In May of 2012, Knuttila was terminated from employment by Questar Capital Corporation after allegations that he failed to follow firm procedures regarding the reporting of customer complaints and he failed to follow firm procedures regarding the use of discretion.  

If you have questions about an account handled by  Steven Knuttila, contact us for a no charge consultation to learn how you may be able to recover damages from his employer through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Justin Mitchell- Capital Financial Services Broker-Discloses Investigation & Termination-Baton Rouge, LA

February 2019 – Baton Rouge, LA

According to publicly available records  Justin Brian Mitchell (CRD# 5177794) ,  a   stockbroker currently employed by Capital Financial Services who was previously employed by LPL Financial, disclose a a pending FINRA investigation and  a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In October of 2017, an FINRA began an investigation into Mitchell regarding outside business activity.   This investigation is still pending.

Mitchell began working  for LPL Financial  in 2009 and was discharged in June of 2017.  LPL makes the following allegation on Mitchell’s FINRA record: “Violation of Firm policy regarding outside business activities.”  .

Mitchell has been employed by Capital FInancial Services since 7/2017, and he discloses a business affiliation with Olinde Financial Group and Massad Olinde Benefits Consulting.

If you have losses in an account handled by Justin Brian Mitchell, contact us for a no charge consultation to learn how you may be entitled to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William Gordon-Capital Financial Services Broker-Discloses12 Customer Suits-Clearwater, FL

February 2019 – Clearwater, FL

According to publicly available records  William B. Gordon  (CRD# 2127800) ,  a   registered stockbroker currently employed by Capital Financial Services  disclose a prior regulatory event, a pending customer dispute and 12 prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 2009, an Investors Capital Corporation customer filed FINRA case #09-01323 alleging negligence, breach of fiduciary duty and common law fraud in connection with the purchase of certain investments, including REITs.    The customer was awarded damages of  $150,970.

Eleven other Investors Capital Corporation customers filed customer complaints against Gordon with allegations ranging from  unsuitable investments, breach of contract, breach of fiduciary duty, negligence to fraud.   Total settlements paid to the customers was in excess of $1.1 million.

In pending FINRA case 19-0204,  a customer of Capital Financial Services, Inc.,  alleges unsuitability, misrepresentation and omissions and breach of fiduciary duty in connection with REIT and annuity investments. The customer is seeking damages of  $200,000.

Gordon was employed by Investors Capital Corp. from 1998 until November of 2010.   He has been employed with Capital Financial Services, Inc. since 11/2010.

If you have losses in an account handled by William Gordon, contact us for a no charge consultation to learn how you may be entitled to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael Olinde-Former LPL Financial Broker-Discloses Pending FINRA Investigation & Employment Termination- Baton Rouge, LA

January 2019 – Baton Rouge, LA

According to publicly available records Michael Edward Olinde (CRD# 3063204) ,  a   registered stockbroker currently employed by Capital Financial Services who was previously employed by LPL Financial, disclose a a pending FINRA investigation and  a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In October of 2017, an FINRA began an investigation into Olinde regarding outside business activity.   This investigation is still pending.

Olinde began working  for LPL Financial  in 2009 and was discharged in June of 2017.  LPL makes the following allegation on Olinde’s FINRA record: “Violation of Firm policy regarding outside business activities.”  .

Olinde has been employed by Capital FInancial Services since 7/2017.

If you have losses in an account handled by Michael Olinde, contact us for a no charge consultation to learn how you may be entitled to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William D. Byrd-Former Transamerica Broker-Discloses Customer Disputes-Tampa, FL

May 2017-Tampa, FL

The FINRA records of  William D. Byrd ,  a  stockbroker who is currently registered with Capital Financial Services disclose a pending customer dispute and 3 prior final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA arbitration 17-0149 a customer of Capital Financial Services is seeking damages of $100,000 and alleges unsuitable investments ignoring changing circumstances and misrepresentations.

In one of the  prior matters, FINRA Case 15-0961 , a customer of Transamerica Financial Advisors  alleged damages of $86,400  for unsuitable recommendations. That case settled in 8/2016 for $83,500.

Byrd  has been registered with Capital Financial Services since 9/2016. He was previously with Invest Financial and Transamerica FInancial.

If you have losses in an account in an account handled by William D. Byrd , you may be able to recover damages through FINRA arbitration.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870