Peter Cunningham and Stockcross Financial Services Sued by Massachusetts Securities Division

Have you lost money with financial advisor Peter Cunningham of Beverly Hills, California?  We are investigating allegations made by the Massachusetts Securities Division against Peter E. Cunningham, an advisor at Stockcross Financial Services.  Massachusetts brought a complaint against both Cunningham and Stockcross Financial Services.

Massachusetts alleged that Cunningham engaged in short-term trading of Unit Investment Trusts (or UITs), and that his brokerage firm, Stockcross Financial Services, failed to adequately supervise these transactions.  UITs are not designed for short-term trading because of their commissions and costs of trading.  Between 2012 and the present, Peter Cunningham recommended on numerous occasions that his customers sell their UITs and then purchase new, different UITs.  Massachusetts alleged this to be unsuitable in view of the frequency and costs of trading, which can be as high as 5%.

Peter Cunningham was a financial advisor and registered representative of Stockcross Financial Services from 2002 to the present.  He works at a branch office in Beverly Hills, California.  Cunningham has been the subject of at least eleven customer complaints during his career, and he was previously terminated by a firm for having too many complaints.

Brokerage firms like Stockcross Financial Services LLC have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan.  We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in Massachusetts and the greater Boston area in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past.

Click to view:  Cunningham, Peter BrokerCheck 8.16.18

Click to view:  Cunningham, Peter Massachusetts Complaint

If you lost money with Peter Cunningham, or Stockcross Financial Services, please CONTACT US at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.