Francis Patrick Cunningham (CRD #2105075) Has a Customer Dispute and Employment Separation Disclosures on FINRA BrokerCheck

Francis Patrick Cunningham (CRD #2105075) was previously registered as a broker and has disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on January 27, 2026. It reflects one customer dispute and two employment separations. If you invested with Francis Patrick Cunningham and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation After Allegations

Francis Cunningham’s FINRA BrokerCheck Report reflects two employment separation disclosures. Summaries are below:

On November 6, 2025, Stifel, Nicolaus & Company, Incorporated discharged Francis Cunningham. The firm reported a loss of confidence. It said he did not follow firm order entry procedures.

On January 12, 2026, B. Riley Wealth Management discharged Francis Cunningham. The firm stated he provided false or misleading information during the hiring process. It said the information related to his termination at a prior firm.

Investor Disputes / Customer Complaints

Francis Cunningham’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

Francis Patrick Cunningham’s FINRA BrokerCheck report states that a customer alleged an unauthorized transfer of the account and churning. The complaint also alleges unauthorized purchases and sales of assets. The product types listed are listed equities and mutual funds. Alleged damages were $18,469.04, and the matter is pending. BrokerCheck shows complaint-received dates reported as October 31, 2025 (firm) and December 16, 2025 (broker).

Rule Summary #1: FINRA Rule 3260 (Discretionary Accounts)

FINRA Rule 3260 limits discretionary trading unless the account is approved in advance. It also requires firms to review discretionary accounts to prevent excessive trading.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis to believe a recommendation fits the customer. Quantitative suitability also addresses excessive trading when a broker controls the account.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on His FINRA BrokerCheck report, Francis Cunningham:

Is not currently registered.

Was most recently registered with B. Riley Wealth Management and Stifel, Nicolaus & Company, Incorporated.

Has passed the Securities Industry Essentials (SIE) exam. He has also passed Series 7, Series 63, and Series 52.

Kurta Law Can Help

If you have worked with Francis Cunningham and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unauthorized Trading | Account Churning

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.