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Carlson Law, P.A. Motto
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Steven Knuttila: Perham, Minnesota Financial Advisor Barred

A disciplinary action taken by the Financial Industry Regulatory Authority against former Perham, Minnesota broker and investment advisor Steven Knuttila (CRD# 3039112) barred him after finding he refused to appear for testimony during FINRA’s investigation into allegations of unsuitable trading. A former representative of Capital Financial Services, Knuttila was barred from acting as a broker or otherwise associating with a broker-dealer firm.

According to a FINRA decision (No. 2017052705601) dated June 2018, FINRA staff initiated an investigation in November 2017 into allegations Steven Knuttila made unsuitable investment recommendations to his customers. Pursuant to this investigation, FINRA sent him a request on May 10, 2018 to appear and provide on-the-record testimony. FINRA’s findings state that he indicated on May 21, 2018 that he would not provide such testimony at any time, a refusal which FINRA found to constitute violations of FINRA rules 8210 and 2010. As a result of the foregoing alleged conduct, Knuttila was barred from associating with any FINRA member in any capacity.

Steven Knuttila’s disclosure records also list 21 settled customer complaints against him and 5 customer complaints that remain pending.

A January 2019 complaint alleged that as a representative of Capital Financial Services, he recommended unsuitable investments, breached his fiduciary duty, and breached contract. The complaint reached a settlement of $80,491.86.

A November 2019 complaint alleged that as a representative of Capital Financial Services, he breached contract, failed to uphold his fiduciary duty, and recommended unsuitable investments including oil and gas and real estate products. The complaint reached a settlement of $114,039.71.

A 2018 complaint alleged that as a representative of Capital Financial Services, he sold unsuitable variable annuities and alternative investments. The complaint reached a settlement of $444,995.45.

A 2017 complaint alleged that as a representative of Capital Financial Services and Questar Capital Corporation, he recommended unsuitable investments, breached his fiduciary duty, committed fraud, breached contract, and was negligent in his supervisory duties connected to the sale of private placement investments. The complaint reached a settlement of $250,000.

Another 2017 complaint alleged that as a representative of Capital Financial Services, he sold unsuitable alternative investments. The complaint reached a settlement in 2018 of $875,000.

Steven Knuttila is currently not registered as a broker or investment advisor. His employment history includes Capital Financial Services in Perham, Minnesota; Questar Capital Corporation in Perham, Minnesota; USAllianz Securities in Perham, Minnesota; Raymond James Financial Services in St. Petersburg, Florida; and Edward Jones in St. Louis, Missouri. He currently holds zero state licenses and has passed six securities industry qualification examinations.

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By submitting this form I acknowledge that form submissions via this website do not create an attorney-client relationship, and any information I send is not protected by attorney-client privilege.

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