September 2019 – Perham, MN
CAPITAL FINANCIAL SERVICES CLOSING DOWN FIRM–see this for more information about the closing down of the firm and transfer of accounts to Calton & Associates.
According to public records of Steven Roland Knuttila (CRD#3039112) a stockbroker previously employed by Capital Financial Services, Inc., disclose 2 regulatory events, 5 pending customer disputes, 34 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 5 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.
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.
Rex Securities Law
Florida-561 391 1900