Peter Cunningham and StockCross Financial Charged in Improper Trading of UITs

Massachusetts regulators have charged StockCross Financial Services and Peter Edward Cunningham (CRD#: 2400211), one of its brokers/investment advisors, with allegedly engaging in improper trading practices. StockCross is also charged with alleged failure to reasonably supervise its agent.
The regulators have charged StockCross and Peter Cunningham of Los Angeles, with allegedly recommending their clients, 30% of whom were Massachusetts investors, buy and sell unit investment trusts (UITs) before their maturity date.  According to the regulators, it allegedly resulted in losses for investors and more commissions for StockCross Financial Services and Peter Cunningham.
StockCross Financial Services was founded in Boston, but is now based in Beverly Hills, California.  According to the charges StockCross Financial Services and Peter Cunningham allegedly made $750,000 in commissions from the short-term UIT trading by their Massachusetts clients.
According to reports, Peter Cunningham was allegedly deep in debt and his wages were being garnished by the court.  Also, he was allegedly served with at least two home foreclosure notices. The Massachusetts regulator is seeking a cease-and-desist order, censure, restitution to fairly compensate the clients and an administrative fine. The Massachusetts regulator is also seeking to revoke Peter Cunningham’s right to practice as a broker and to force StockCross to bring an independent consultant to assess its supervisory procedures.
Of the 14 Disclosures on Peter Cunningham’s CRD report on FINRA’s BrokerCheck, 11 of them are Customer Disputes dating back as far as 2000. Some of the allegations on the Customer Disputes that have settled were:  fraud, negligence, unsuitable recommendations, misrepresentation or omission of material facts.
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, Peter Cunningham has been in the securities industry for 24 years and was listed with 5 firms.  He has been registered with the following firm since 1/29/2002:
STOCKCROSS FINANCIAL SERVICES, INC.
9464 WILSHIRE BLVD
BEVERLY HILLS, CA 90212
He was also recently registered with:
12/22/2017 - 08/17/2018  MURIEL SIEBERT & Co,, INC. - Beverly Hills, CA
If you've suffered financial losses due to the recommendations of StockCross Financial Services of Beverly Hills and Peter Edward Cunningham, contact Soreide Law Group and speak to a securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA.  We operate on a contingency fee basis—no fee to you if no recovery.  Let our years of experience work for you.