Capital Financial Services Sued for Unsuitability

Steven Roland Knuttila, of Perham, Minnesota, a stockbroker currently registered with Capital Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on February 20, 2017, in which the customer requested $139,722.14 in damages based upon allegations that Knuttila made unsuitable investment recommendations to the customer concerning investments in real estate, oil and gas, mutual funds, equipment leasing, and variable annuity products.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Knuttila has been named in eighteen additional customer initiated investment related disputes containing allegations of his misconduct while employed with Capital Financial Services, Inc., Edward Jones, Raymond James Financial Services Inc., and Questar Capital Corporation. Specifically, on September 14, 2010, a customer initiated investment related written complaint involving Knuttila’s conduct was settled for $117,062.91 in damages based upon allegations that he made misrepresentations to the customer concerning variable annuities issued by Jackson National Life Insurance Company.

Subsequently, on February 23, 2011, a customer initiated investment related written complaint regarding Knuttila’s activities was resolved for $21,172.95 in damages based upon allegations that Knuttila made omissions concerning the features of John Hancock variable annuity policies. Moreover, on June 11, 2013, a customer initiated investment related written complaint regarding Knuttila’s activities was resolved for $45,000.00 in damages based upon allegations that Knuttila made unsuitable investment recommendations and misrepresentations to the customer regarding an equipment leasing program.

Further, on September 10, 2013, a customer initiated investment related arbitration claim involving Knuttila’s conduct was settled for $40,000.00 in damages based upon allegations including misrepresentation, violation of Minnesota Uniform Securities Act, and fraud in reference to the customer’s investment in Cornerstone Healthcare Real Estate Investment Trust. The customer also alleged that Questar Capital Corporation failed to supervise Knuttila’s activities pertaining to the customer’s investment account.

On October 20, 2015, another customer initiated investment related written complaint involving Knuttila’s conduct was settled for $100,000.00 in damages based upon allegations that Knuttila effected limited partnership transactions in the customer’s account despite having failed to properly apprise the customer of the investments’ risks. Two additional customer initiated investment related claims involving Knuttila’s activities were filed from June 27, 2013, to September 28, 2016, in which customers alleged that they received poor investment advice from Knuttila regarding investments in stock, variable annuity products, oil & gas products, and real estate securities.

Guiliano Law Group

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