EL DORADO HILLS, CALIFORNIA
Our securities arbitration law firm is looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Michael Knittel. FINRA suspended Michael Knittel, who previously was affiliated with Fortune Financial Services, for four months regarding allegations that he sold investments in an LLC to four investors. The investment is believed to have caused significant losses for the investors, who have sued Knittel in Placer County Court.
There were numerous defendants named in the Placer County case, including Michael Knittel, his advisory firm Lagunitas Asset Management, another LLC called Schmook Ranch LLC, and several other individual defendants. Schmook Ranch was alleged to be distressed real estate. The investors lost money investing in Schmook Ranch.
Michael Knittel allegedly did not disclose his sales of Schmook Ranch to his former brokerage firm, Fortune Financial Services. Knittel was affiliated with Fortune Financial Services from January 2015 to December 2021. Knittel had an office in El Dorado Hills, California.
While Knittel may have liability for these sales, Fortune Financial Services may also have liability if it failed to reasonably supervise his activities.
Click to view: Knittel, Michael BrokerCheck 2.1.22
Click to view: Knittel, Michael FINRA AWC