Steven Knutilla Suspended by FINRA For Allegedly Failing To Comply With An Arbitration Award
Steven Knutilla (CRD #: 3039112), a broker formerly registered with Capital Financial Services, has been suspended by FINRA for allegedly failing to comply with an arbitration award, according to his BrokerCheck Record accessed on February 2, 2022. Keep reading for more details regarding his suspension.
Steven Knutilla’s FINRA Suspension Details
According to a complaint raised by FINRA on October 18, 2021, Steven Knutilla allegedly failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of the arbitration’s compliance.
Due to his actions, Steven Knutilla violated Article VI, Section 3 of FINRA By-Laws, and possibly FINRA Rule 9554, which requires brokers to comply with an arbitration award. He was suspended indefinitely from October 18, 2021. The suspension will continue until Steven Knutilla makes the required payment.
Which Arbitration did Steven Knutilla Fail to Comply?
On February 25, 2019, Steven Knutilla was named in a customer complaint that alleged the following:
- Violation of Minnesota Securities Act
- Violation of Minnesota Prevention of Consumer Fraud Act
- Violation of Minnesota Act Preventing Deceptive Acts Against Senior Citizens
- Violation of Minnesota Uniform Fraudulent Transfer Act and conspiracy to commit securities fraud and consumer fraud
- Violation of FINRA Rules; breach of fiduciary duty, and negligent hiring/negligent supervision
The damage amount requested was $445,000.
You can access the full arbitration details here.
Prior Customer Disputes
- On December 13, 2018, Steven Knutilla was involved in an investor dispute alleging unsuitability, breach of fiduciary duty, common law fraud, breach of contract, negligent supervision, and violation of the Minnesota Securities Act in the sale of speculative private placement investments, including REIT’s, oil and gas investments, equipment leasing funds and annuities.
- On November 5, 2018, Steven Knutilla was involved in an investor dispute alleging fraud, deceit, negligence, misrepresentation, omission of facts, and product unsuitability in the sale of equipment leasing programs, oil and gas drilling programs, and a NASDAQ traded common stock. The damage amount requested is $127,666.
Between 2017 and 2019, Steven Knutilla was involved in 16 investor disputes alleging Steven Knutilla recommended unsuitable investments. These disputes were collectively resolved for $2,802,831.95.
On June 19, 2018, Steven Knutilla was barred by FINRA after allegedly refusing to appear for a FINRA on-the-record testimony relating to a FINRA investigation into allegations that he made unsuitable recommendations to customers. You can read a copy of the bar here.
State of Minnesota Bar and Fine
On April 10, 2018, Steven Knutilla was barred by the state of Minnesota after allegedly selling unsuitable investments to numerous clients. He also consented to a $40,000 fine.
Steven Knutilla Background Information
Steven Knutilla has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 51 – Municipal Fund Securities Principal Examination
- Series 24 – General Securities Principal Examination
Besides Capital Financial Services, Steven Knutilla has also worked with the following firms:
- Questar Capital Corporation (CRD#:43100)
- Usallianz Securities (CRD#:40875)
- Raymond James Financial Services (CRD#:6694)
- Edward Jones (CRD#:250)
Kurta Law Can Help
If you have been victimized by Steven Knutilla, don’t hesitate to get in touch with us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.