Broker Investigation: Steven Knuttila

Steven Knuttila (CRD#: 3039112) is a previously registered securities broker and investment professional. Most recently, Mr. Knuttila was employed at Capital Financial Services in Perham, Minnesota (2012-2017). In all, this broker has 26 different FINRA disclosures on his industry record.

On June 19th, 2018, FINRA barred Steven Knuttila from the securities industry. According to the agency, Mr. Knuttila knowingly refused to cooperate with an inquiry into allegations that he made unsuitable investment recommendations while working as a representative of Capital Financial Services.

Investor Complaints: Steven Knuttila

Many of the disclosures regarding Mr. Knuttila are related to investor complaints that have been settled. Since 2002, Steven Knuttila has settled nine different investor complaints. Three more customer disputes are still listed as ‘pending’ as of June of 2018.

In November of 2017, FINRA launched an investigation into allegations that Mr. Knuttila made unsuitable investment recommendations to his customers. In April of 2018, the Minnesota Department of Commerce revoked his securities license after investigating similar allegations.

In May of 2018, FINRA requested on-the-record testimony as part of its investigation into alleged unsuitable investment recommendations. Mr. Knuttila knowingly declined to cooperate. This is a major violation of industry rules. To protect investors, brokers must cooperate with FINRA. As a result, this broker has been indefinitely barred from the securities industry.

Get Help From a Securities Lawyer

At Sonn Law Group, our FINRA arbitration lawyers have deep experience representing investors who have sustained losses in unsuitable investments. If you were the victim of an unsuitable investment recommendation, please contact us today for a free consultation.

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