Regulators Charge StockCross and Peter Cunningham with improper UIT trading practices

Furgison Law Group is taking cases against StockCross related to UIT's

The securities fraud lawyers at Furgison Law Group are currently investigating claims against StockCross Financial Services, Inc. (CRD #6670) and other firms related to improper Unit Investment Trust ("UIT") sales practices. The arbitration attorneys at Furgison Law Group are investigating claims of fraud, breach of fiduciary duty, failure to supervise, misrepresentations, omissions of material facts, conflict of interests, violations of state and federal securities laws, along with other broker misconduct. The claims relate to the alleged scheme operated by StockCross and Peter Edward Cunningham (CRD #2400211) of Beverly Hills, California, to buy and then sell UITs.

According to his FINRA BrokerCheck report, Mr. Cunningham is also affiliated with Muriel Siebert & Co. (CRD #5376).

Massachusetts Regulators Have Charged StockCross and Peter Cunningham With Improper UIT Trading Practices 

According to William Galvin, commissioner of the commonwealth, Mr. Cunningham and StockCross illegally bought and then sold unit investment trusts before their maturity date. The regulators allege the misconduct resulted in more commissions for the broker and the firm and losses for the investors. The regulators claim StockCross obtained $750,000 in commissions from the short-term UIT trades of the Massachusetts residents alone.

Unbeknownst to his clients, Mr. Cunningham was apparently deeply in debt, having had his wages garnished by court order and was facing foreclosure on his home, the state said in a release.

The CRD Report of Mr. Cunningham includes the disclosure of many other customer complaints. These types of customer complaints are serious red flags that evidence a pattern of unsuitable investment recommendations in order to generate commissions and income for themselves, at the expense of their clients. Many of the customer complaints listed in the regulatory file have already settled for substantial sums.

Investors Have the Right to Recover Their Losses

When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm or an unlicensed salesperson and suffered losses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. Securities law then dictates that you can hold the firm legally liable to recover your damages.

Can I recover my investment losses?

If you lost money as a result of any UIT investments purchased through StockCross Financial Services, Inc. or any other firms, please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.