- June 22, 2018
- Breach of Fiduciary Duty
- Broker Discipline
- Failure to Supervise
The Wolper Law Firm is currently investigating claims against Steven Knuttila, a former Financial Advisor at Capital Financial Services in Perham Minnesota. Steven Knuttila’s past employments include Questar Capital Corp., US Allianz Securities, Raymond James and Edward Jones.
According to public records released by the Financial Industry Regulatory Authority (FINRA), on June 19, 2018, Steven Knuttila received an censure from FINRA, indefinitely barring him from associating with a FINRA member brokerage firm. This censure comes on the heels of a second censure originating from the state of Minnesota, which also included a $40,000 fine.
According to Steven Knutilla’s BrokerCheck, he has a long history of customer complaints—twenty-two (22) in total since 2002. This is an exceedingly high number of customer complaints against a single financial advisor.
Among the customer complaints filed against Steven Knuttila include the following:
- May 2017—Customer alleged “unsuitability, breach of fiduciary duty, common law fraud, breach of contract, and negligent supervision in the sale of various private placement.” The dispute was settled for $250,000.
- May 2017—Customer alleged “unsuitable sales of alternative investments.” The alleged damages are $901,000 and the matter is still pending.
- February 2017—Customer alleged “unsuitable recommendations of alternative investments.” The dispute was settled for $135,000.
- September 2016—Customer alleged “poor investment advice.” Alleged damages are $70,000. The matter remains pending.
- June 2013—Customer alleged “poor investment advice. The matter was settled for $91,000.
- March 2013—Customer alleged “rep sold the client multiple limited partnerships without fully explaining the risks.” The matter was settled for $200,000.
- December 2012—Customer alleged “negligence, failure to supervise, violatiolns of the MN Unfirom Securities Act, common law fraud, misrepresentation” in connection with the sale of a REIT. The matter was settled for $40,000.
- March 2010—Customer alleged “features of two Jackson National Life variable annuities were misrepresented.” The matter was settled for $117,000.
Brokerage firms are required by regulation to supervise the Financial Advisors they employ. The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.
If you or someone you know was a customer of Steven Knutilla and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.