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Michael Knittel Fined and Suspended Over $245,000 Promissory Note

Mar 15, 2022 FINRA Fine

Michael Knittel (CRD #: 3274235), a previously registered broker with Fortune Financial Services, is the subject of a FINRA fine and suspension, according to his BrokerCheck record, accessed on March 9, 2022.

On January 28, 2022, Michael Knittel consented to FINRA findings as part of an Acceptance, Waiver, and Consent agreement (AWC). In the AWC, FINRA alleged that he participated in a $245,000 private securities transaction without written authorization from his firm.

FINRA Rule 3280 states that investors must not participate in a private securities transaction without disclosing that transaction to the firm in writing. The disclosure must also state the broker’s role in the transactions as well as any selling compensation they might receive. Brokers must receive written approval for the securities transaction from the firm.

Michael Knittel allegedly recommended that four investors invest in a promissory note issued by LLC 1. According to the AWC, he received $10,000 from LLC 1.

As part of the terms of the AWC, Michael Knittel consented to a fine of $10,000 and a four-month suspension. You can read a copy of the AWC here.

There is also a civil action on Michael Knittel’s record. On June 1, 2020, Michael Knittel became the subject of a civil action initiated by Four Ws LLC. The complainants alleged that Michael Knittel breached his contract and engaged in fraud and conspiracy.

Background Information

Michael Knittel has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • Series 63 Uniform Securities Agent State Law Examination
  • Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination

He has worked with the following firms:

  • Fortune Financial Services (CRD #: 42150)
  • W. Cole Financial (CRD #: 124583)
  • Financial Advisers of America (CRD #: 142170)
  • RBC Capital Markets (CRD #: 31194)
  • Wachovia Securities (CRD #: 19616)
  • G. Edwards & Sons (CRD #: 4)

Kurta Law Can Help

If you have worked with Michael Knittel and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated on behalf of investors who have lost money following broker fraud or misconduct. Kurta Law is a nationally recognized law firm and exclusively represents investors on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Our attorneys will work tirelessly to restore your lost funds and get your financial future back on track.