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NEW YORK, May 31, 2017 -- Attorney Jonathan Kurta filed a claim earlier this week before the Financial Industry Regulatory Authority, or FINRA, against Capital Financial Services and Questar Capital Corporation. The arbitration claim, filed by two retirees, alleges that financial advisor Steven Knuttila overconcentrated his clients in unsuitable and illiquid investments. Mr. Knuttila has been a financial advisor for nineteen years and is based in Perham, Minnesota. The complaint seeks unspecified money damages due to Mr. Knuttila’s alleged recommendation to concentrate his clients’ portfolios in illiquid private placements, including several oil and real estate investments.
The products at issue were “non-traded,” high risk securities. Non-traded securities disproportionally benefit brokerage firms, who receive larger commissions, while harming investors who are often surprised to learn that they cannot easily liquidate these securities. According to Jonathan Kurta, “this liquidity problem is a particularly troublesome for older investors, who may need access to cash for health care or other unforeseen changes in their lifestyle.”
This is the second customer arbitration that Jonathan Kurta’s law firm, Fitapelli Kurta, has filed against Mr. Knuttila. In addition to the two customer complaints filed by Fitapelli Kurta, Steven Knuttila’s FINRA BrokerCheck report discloses twenty total customer complaints as well as a termination by Questar Capital. According to Jonathan Kurta, “unfortunately, it appears that our clients are among many others who lost money as a result of Steven Knuttila’s alleged wrongdoing and the alleged conduct may have been part of a larger pattern of harming investors in order to generate large commissions.”
Jonathan Kurta is a partner of Fitapelli Kurta, a national law firm, that focuses exclusively on representing investors before FINRA, or the Financial Industry Regulatory Authority. If you would like to know more about this case, please contact Jonathan Kurta at 212-658-1502.
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