How to Bring a Claim Against Capital Financial Services, Inc. Financial Advisor Steven Roland Knuttila
Posted on Friday, June 2nd, 2017 at 1:55 pm
Erez Law is currently investigating Capital Financial Services, Inc. financial advisor Steven Roland Knuttila (CRD# 3039112) regarding unsuitable recommendations in the high risk oil and real estate sectors. Knuttila has been registered with Capital Financial Services, Inc. in Perham, Minnesota since 2012. Knuttila was registered with Questar Capital Corporation in Perham, Minnesota regarding allegations that Knuttila “Failed to follow firm procedures regarding the reporting of customer complaints. Failed to follow firm procedures regarding the use of discretion.”
In a recent example of broker misconduct, a former customer filed a FINRA complaint against Capital Financial Services and Questar Capital Corporation alleging that Knuttila recommended an investment portfolio concentrated in unsuitable and illiquid investments, including non-traded, high risk oil and real estate investments.
Knuttila has been the subject of 20 customer complaints between 2002 and 2017, three of which were denied and 7 were closed without action, according to his CRD report:
May 2017. “Client is alleging unsuitable sales of alternative investments.” The customer is seeking $901,190.26 in damages and the case is currently pending.
February 2017. “Client is alleging unsuitable recommendations of alternative investments.” The customer is seeking $139,722.14 in damages and the case is currently pending.
September 2016. “Poor investment advice.” The customer is seeking $70,000 in damages and the case is currently pending.
June 2013. “Poor investment advice.” The customer sought $87,029 in damages and the case was settled for $91,121.
March 2013. “Complaint filed with the state of ND securities department. Claim alleged rep sold the client multiple limited partnerships without fully explaining the risks for someone 75 years old. Claim specifically references Behringer Harvard investment of $150,000 on 7/10/2008 and another for $50,000 on 7/29/2008.” The customer sought $1,000,000 in damages and the case was settled for $200,000.
February 2013. “Allegations of misrepresentation and unsuitable recommendation in the sale of an equipment leasing program on 7/7/2009. Total investment was $150,000 and the client is seeking rescission or a cash payment of $50,000.” The customer sought $50,000 in damages and the case was settled for $45,000.
December 2012. “Alleged negligence, failure to supervise, violations of the MN uniform securities act, common law fraud, misrepresentation, breach of contract, and respondeat superior in the sale of $70,000 Cornerstone Healthcare REIT on 3/16/2010.” The customer sought $70,000 in damages and the case was settled for $40,000.
July 2011. “Clients allege IRA money rolled over was not allowable by IRS. Transaction done in 2008. Possible damages associated with income tax reporting.”
November 2010. “Clients alleged features of 3 John Hancock variable annuities were not selected. Representative omitted to disclose material information regarding the contract features.” The customer sought $18,411 in damages and the case was settled for $21,172.95.
March 2010. “Clients alleged features of two Jackson National Life variable annuities were misrepresented.” The case was settled for $117,062.91.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Capital Financial Services, Inc. may be liable for investment or other losses suffered by Knuttila’s customers.
Erez Law represents investors in the United States for claims against Capital Financial Services, Inc. financial advisor Steven Roland Knuttila, who is alleged to recommend unsuitable and illiquid securities in the high risk oil and real estate sectors. If you were a client of Capital Financial Services, Inc. financial advisor Steven Roland Knuttila or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.