June 19, 2018 Comments (0) Blog, Current Investigations, Securities Fraud

MN Broker Steven Knuttila Barred from Securities Industry

Steven Knuttila

FINRA reportedly bars Steven Knuttila after 22 customer complaints.

Have you suffered losses investing with Steven Knuttila? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses through FINRA Arbitration.

According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Steven Knuttila from the securities industry for reportedly failing to provide testimony in an investigation.

According to the Letter of Acceptance, Wavier and Consent on May 30, FINRA was investigating Knuttila for “selling unsuitable investments to numerous clients.”  By purportedly refusing to give on-the -record testimony, Knuttila has consented to the bar from association with any FINRA member in any capacity.

On April 2, 2018, according to FINRA, the Minnesota Department of Commerce issued a Consent Order permanently barring Knuttila from engaging in the sale or offering of securities and any related securities activity in the State of Minnesota. Further, his insurance producer’s license was revoked, Knuttila was fined $40,000, of which $30,000 was stayed, based upon findings that he allegedly made misrepresentations and omissions of fact, breached his fiduciary duties, and made unsuitable recommendations in connection with the sale of securities.

According to Knuttila’s FINRA BrokerCheck report, he was registered with Capital Financial Services in Perham, MN from June 2012 through December 2017.  Prior to that, he worked for Questar Capital until he was discharged in May 2012 because he “failed to follow firm procedures regarding the reporting of customer complaints… and regarding the use of discretion.”

For FINRA’s full findings see FINRA case # 2017052705601.

Investigating Potential Claims

The White Law Group is investigating the liability that Steven Knuttila’s employers may have for failing to properly supervising him.

Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Steven Knuttila’s former employers failed to properly supervise him, the firm may be held responsible for investment losses in a FINRA arbitration claim.

If you are concerned about your investments with Steven Knuttila and would like a free consultation to discuss your litigation options, please call The White Law Group at 1-888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For more information please visit us on the web at www.whitesecuritieslaw.com.