Recently, an arbitration claim was filed in the Financial Industry Regulatory Authority (FINRA) against Steven Knuttila. The claim was filed by two retirees, alleges that Knuttila overconcentrated client accounts in unsuitable and illiquid investments. These products were high-risk, nontraded securities. These typically guarantee brokerage firms and the brokers who recommend them, larger commissions, while harming investors who are not aware that they cannot easily liquidate these securities. A broker must take into account a client’s net worth, age, investment objectives and sophistication before recommending or selling a security. If he does not, his investment firm may be responsible for losses on a contingency fee basis. We are securities attorneys who sue firms in the FINRA arbitration forum. Please call 312-332-4200 today to find out how to sue Knuttila’s firm, Capital Financial Services for losses.
According to his online, FINRA BrokerCheck report, Knuttila was registered with Edward Jones in St. Louis, Missouri from May 1998 until May 2002, Raymond James in St. Petersburg, Florida from May 2002 until October 2005, Usallianz Securities in Perham, Minnesota from October 2005 until December 2016 and Questar Capital Corp in Perham from December 2006 until June 2012. He is currently registered with Capital Financial Services in Perham and Long Prairie, Minnesota since June 2012. He has 20 customer disputes against him, three of which are currently pending.
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