Former Capital Financial financial advisor, Steven Roland Knuttila (Knuttila), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. The underlying basis of the investigation involved allegations Knuttila recommended unsuitable investments, including but not limited to oil and gas investments and variable annuities to customers. As a consequence of Knuttila’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Knuttila (FINRA CRD No. 3039112) entered the financial industry in 1998. From 2006 to 2012, Knuttila worked for Questar Capital Corporation. From 2012 to 2017, and during the relevant time period, Knuttila worked for Capital Financial Services, Inc. (“Capital Financial”). Kunittila’s FINRA BrokerCheck report discloses 34 negative disclosures, including dozens of customer disputes involving unsuitable investment recommendations, misrepresentations, breach of fiduciary duty, fraud, and violation of the Minnesota Securities Act.
On April 2, 2018, the Minnesota Department of Commerce barred Knuttila from engaging in the sale or offering of securities in the State of Minnesota. Following this FINRA disciplinary action, Knuttila no longer woks in the financial industry.
FINRA’s Department of Enforcement initiated an investigation into Knuttila’s alleged misconduct. FINRA specifically investigated the dozens of customer complaints involving unsuitable investment recommendations, misrepresentations, and other forms of financial misconduct. FINRA sent Knuttila a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Knuttila failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Knuttila violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Knuttila failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.