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Steven Knutilla: Perham, Minnesota Financial Advisor Barred By Regulator
Steven Knuttila, formerly of Capital Financial Services Inc. in Perham, Minnesota, has been barred from the securities industry by FINRA (the financial industry regulator) as of June 19, 2018, over its investigation related to customer disputes alleging unsuitability, breach of fiduciary duty, common law fraud, breach of contract, negligent supervision, and more.
According to the FINRA Letter of Acceptance, Waiver, and Consent, in April 2018 “the Minnesota Department of Commerce issued a Consent Order permanently barring Knuttila from engaging in the sale or offering of securities and any securities related activity in the state of Minnesota.” He was fined $40,000 “based upon findings that Knuttila had made misrepresentations and omissions of fact, breached his fiduciary duties and made unsuitable recommendations”.
Knutilla was a licensed FINRA broker for 20 years between firms in Missouri, Florida, and Minnesota. He was the registered principal for Knuttila Financial Services, which offered investments through Capital Financial Services. Cheryl Romann was Operations Manager and Registered Principal of Knuttila Financial Services while Angie Wurgler served as Marketing and Compliance Coordinator.
According to his CRD report over 20 customer disputes were filed related to Knuttila between 2002 – 2017, including:
May 1, 2017: A client alleged “unsuitable sales of alternative investments” and is seeking $901,190.26 in related damages. This case is pending.
May 30, 2017: A client alleged “unsuitability, breach of fiduciary duty, common law fraud, breach of contract, and negligent supervision in the sale of various private placement beginning in April 2011.” This case was settled for $250,000.
February 27, 2017: A client alleged “unsuitable recommendations of alternative investments” and sought $139,722.14 in damages. This case was settled for $135,000.
September 28, 2016: A client alleged “poor investment advice” and is seeking $70,000 in related damages. This case is pending.
June 27, 2013: A client alleged “poor investment advice” and sought $87,029.00. This case was settled for $91,121.00.
March 4, 2013: “Claim alleges the rep sold the client multiple limited partnerships without fully explaining the risks for someone 75 years old. Claim specifically references Behringer Harvard Investments of $150,000 on 7/10/2008 and another for $50,000 on 7/29/2008.” Client sought $1,000,000 in damages and the case settled for $200,000.
If you were sold unsuitable investments by Steven Knutilla or any financial advisor, please contact us at (305) 965-1373 for a free consultation.