BENTONVILLE, Ark. (KNWA/KFTA) — The founder and majority owner of Kuettel Capital LLC will not be allowed to do business in Arkansas as an investment adviser, according to an order by Arkansas Securities Commissioner Eric P. Munson.
The order issued on June 19, and signed on June 22, and states that Kuettel Capital LLC and Adam J. Kuettel have “violated provisions of the Arkansas Securities Act.”
The ASC states that Kuettel gave all clients the same advice, after promising “custom-tailor investment advice based on individual client’s goals.”
The order states that Kuettel changed the risk tolerances and goals on several client forms to make them open to more aggressive strategies and riskier investments.
Kuettel also forged client signatures on firms of brokerage accounts “so that high-risk strategies would be permitted,” the order states.
Over several years, Kuettel’s clients lost a lot of money. The order lists four different clients who collectively lost more than $2.6 million. The monies came from IRAs to a 401(k) to a family trust, according to the order.
Kuettel’s website stated that he was a Certified Financial Planner (CFP), but the CFP website showed that his certification was suspended for most of 2017 by the Financial Regulatory Authority. Kuettel never took steps to reinstate his CFP certification, according to the order.
Kuettel has 30 days to respond to the order.
Kuettel Capital LLC was registered in Arkansas on February 12, 2015.
The ASD is a state agency responsible for regulating the securities market in Arkansas.