Steven Roland Knuttila of Perham Minnesota a stockbroker formerly registered with Capital Financial Services Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought more than $5,000.00 in damages founded on allegations that a contract between the customer and Capital Financial Services had been breached and that FINRA rules were violated in regard to private placements offerings, real estate securities, and oil and gas securities purchases made because of Knuttila. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01558 (May 26, 2020). The claim also alleges that Knuttila was negligently supervised and breached a fiduciary duty to the customer while at Capital Financial Services.
Financial Industry Regulatory Authority (FINRA) Public Disclosure states that Knuttila has been identified in 42 additional customer initiated investment related disputes containing accusations of his harmful conduct while employed by Capital Financial Services. On April 4, 2019, a customer initiated investment related FINRA securities arbitration claim regarding Knuttila’s conduct was settled for $21,320.76 in damages based upon allegations of breach of fiduciary duty and breach of contract in regard to oil and gas securities transactions by Knuttila at Capital Financial Services. FINRA Arbitration No. 18-04382. The claim alleges that unsuitable trading resulted in damages.
Another customer who brought an investment related FINRA securities arbitration claim involving Knuttila’s conduct has been awarded $275,000.00 in compensatory damages and $150,000.00 in punitive damages supported by Knuttila being found liable on the customer’s claims of fraud as it pertained to investments in U.S. Energy Strategic Energy Income Fund III, FS Investment Corp III, Steadfast Apartment REIT, Coachman Bakken Fund, and ARC Hospitality Trust. FINRA Arbitration No. 19-00571 (Aug. 4, 2021). The Statement of Claim alleges that Knuttila violated Minnesota Uniform Fraudulent Transfer Act, Minnesota Prevention of Consumer Fraud Act, Minnesota Securities Act, federal securities laws and FINRA rules by having the customer invest in illiquid real estate investment trusts and limited partnerships.
Knuttila is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $400,000.00 in damages founded on allegations that the customer had been placed into unsuitable oil and gas securities, equipment leasing securities, and annuities because of Knuttila at Questar Capital Corporation. FINRA Arbitration No. 19-02369 (Aug. 26, 2019). The customer also alleged misrepresentation and the breach of fiduciary duty by Knuttila.
On October 28, 2019, another customer filed an investment related FINRA securities arbitration claim concerning Knuttila’s activities where the customer sought $5,000.00 in damages based on accusations of breach of contract and breach of fiduciary duty by Knuttila in reference to mutual fund trades and oil and gas securities transactions at Capital Financial Services. FINRA Arbitration No. 19-03117. Federal securities laws had allegedly been violated by Knuttila.
Knuttila is also the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested more than $5,000.00 in damages based upon allegations that securities laws were violated by Knuttila in regard to oil and gas securities and other direct investments that he sold to the customer. FINRA Arbitration No. 20-00221 (Jan. 29, 2020). The lawsuit alleges violation of securities laws and the breach of fiduciary duty.
Knuttila was registered with Capital Financial Services between June 4, 2012 and December 31, 2017.
