Broker Investigation: Steven Knuttila

Steven Knuttila (CRD#: 3039112) is a former registered FINRA broker and investment advisor. From 2012 to 2017, Mr. Knuttila was a representative of Capital Financial Services in Perham, MN. This broker has also been associated with Questar Capital Corporation (2006 to 2012) and USAllianz Securities (2005 to 2006).

On June 19th, 2018, Mr. Knuttila was barred by FINRA after he declined to provide on-the-record testimony when requested in relation to an investigation. This is a violation of securities industry regulations (FINRA Rule 8210). Since 2017, there have been nine investor complaints filed against former Capital Financial Services broker Steven Knuttila.

Investor Complaints: Steven Knuttila

• Allegations of unsuitable investment recommendations: Settled for $135,000
• Allegations of unsuitable alternative investment offerings: Settled for $875,000
• Unsuitable investments and negligent supervision related to a private placement offering: Settled for $250,000
• Unsuitable sale of an illiquid investment product: Complaint is still pending
• Unsuitable sale of variable annuities: Complaint is still pending
• Breach of fiduciary duty and negligent supervision: Complaint is still pending
• Breach of fiduciary duty and securities law violations: Complaint is still pending
• Breach of fiduciary duty and unsuitable investment advice: Complaint is still pending
• Violation of Minnesota securities law and common law fraud: Complaint is still pending

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