Peter Edward Cunningham is the Subject of an Investigation by the Massachusetts Securities Division for Alleged Short-term UIT Trading & Fraudulent Misrepresentation
Peter Cunningham is the subject of an investigation by the Massachusetts Securities Division for short-term UIT trading, and fraudulent misrepresentation, according to a Complaint from the Massachusetts Securities Division.
The investor rights lawyers at Goldman Scarlato & Penny law firm are investigating Mr. Cunningham’s conduct to determine whether any investors may have claims for alleged short-term UIT trading, and fraudulent misrepresentation. Investors may contact investor rights attorney Alan Rosca to provide information or inquire about their legal options.
Peter Cunningham has worked for 24 years in the securities industry at 5 firms and has 11 customer disputes, as well as a regulatory action and an employment separation action, FINRA notes.
Cunningham and His Firm StockCross Allegedly Illegally Bought & Sold Unit Investment Trusts Prior to their Maturity Date
Peter Cunningham and his firm StockCross allegedly illegally bought and sold unit investment trusts prior to their maturity date, according to the aforementioned Complaint from the Massachusetts Securities Division.
The regulators in the case allege that the reported misconduct resulted in additional commissions for the broker and the firm and losses for the investors, the Complaint states.
Said regulators further claim that StockCross allegedly obtained $750,000 in commissions from the short-term UIT trades of Massachusetts residents alone, the Complaint reports.
Cunningham was also allegedly in a deep state of debt after allegedly having had his wages garnished by court order and was facing foreclosure on his home, the state said in a release, the Complaint notes. Said debt status was allegedly unknown to his clients, FINRA reports.
Peter Cunningham’s CRD Report discloses several other customer complaints which allegedly show a pattern of alleged unsuitable investment recommendations in order to allegedly generate commissions and income for themselves, at the reported expense of their clients. Many of the customer complaints listed in the regulatory file have already settled for substantial sums.
Peter Cunningham has worked at StockCross Financial Services, Inc. since January 29, 2002, FINRA reports. According to his FINRA BrokerCheck report, Cunningham is also affiliated with Muriel Siebert & Co.
Brokerage firms such as Stockcross Financial Services, Inc. have a responsibility to adequately supervise all of their registered representatives who are employed through their firm, to prevent violations of securities rules and regulations. Brokerage firms also must initiate action to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. If and when brokerage firms fail to adequately supervise their registered representatives, they may be held liable for investment losses sustained by customers.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Peter Cunningham’s alleged short-term UIT trading, and fraudulent misrepresentation. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to securities class actions.
If you or a loved one or a friend has lost money investing with Peter Cunningham, you may contact attorney Alan Rosca or his colleagues for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at firstname.lastname@example.org, or through the contact form on this webpage.