The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Peter Cunningham. According to his publicly available FINRA BrokerCheck report, Peter Cunningham has been the subject of multiple customer disputes over the course of his career.
Peter Cunningham is a California based securities broker. He has worked in the securities industry for twenty-five years. During his career, he was registered with five different securities firms.
His Registrations
- Kennedy, Cabot & Co. (1994-1997)
- TD Waterhouse Investor Services (1997-2002)
- Murial Siebert & Co. (2017-2018)
- Stockcross Financial Services (2002-Present)
The Allegations
- In July 2000, a customer alleged that Peter Cunningham breached his fiduciary duty and recommended unsuitable investments that were contrary to their investment objectives. This case went to arbitration where the customer was awarded $40,000 in damages.
- In May 2001, a customer alleged that Peter Cunningham recommended unsuitable investments and failed to disclose material facts. This case was settled for $13,415 in damages.
- In July 2001, a customer alleged that Peter Cunningham recommended unsuitable investments. This case was settled for $11,621 in damages.
- In December 2001, Peter Cunningham was terminated from his position at TD Waterhouse Investor Services due to the number of customer complaints he had received.
- In April 2002, a customer alleged that Peter Cunningham recommended unsuitable investments. This case was settled for $9,769 in damages
- In May 2005, a customer alleged that Peter Cunningham managed their account negligently and committed fraud. This case was settled for $65,103 in damages.
- In January 2012, a customer alleged that Peter Cunningham managed their account negligently, recommended unsuitable investments, and made material misrepresentations and omissions of material facts. This case was settled for $90,000 in damages.
- In May 2012, a customer alleged that Peter Cunningham executed unsuitable transactions in her account over a ten year period. The customer also alleged that Peter Cunningham failed to disclose material facts. This case was settled for $150,000 in damages.
- In August 2018, Peter Cunningham was officially sanctioned by the Massachusetts Securities Division following allegations of short-term UIT trading.
What Does This Mean?
UITs, or unit investment trusts, are securities that encompass a wide variety of equities sold as individual units. They are similar to mutual funds in that regard. However, unlike mutual funds, UITs need to be held onto for longer periods of time in order to mature. UITs are also accompanied by significant upfront fees that can lower investor principals if they are purchased excessively. Short-term switching of these products involves the broker purchasing and reselling these products in their customer’s account before the products have time to mature. This not only prevents the investor from seeing desired returns, but it also causes the fees associated with UIT trading to rack up and drastically drain their principal investments.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Peter Cunningham, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
