Peter Cunningham of Muriel Siebert Alleges Losses from UIT Trading

Peter Cunningham (CRD #: 2400211), a broker registered with Muriel Siebert & Co. of Beverly Hills, California, is facing a new regulatory disclosure, according to his BrokerCheck record, accessed on August 3, 2021. This is the latest in a string of disclosures that includes investor disputes.

Regulatory Actions

On July 9, 2021, the State of California alleged that Peter Cunningham engaged in short-term UIT trading and imposed a cease-and-desist sanction. Unit Investment Trusts (UITs) are investment companies that purchase portfolios comprised of stocks and bonds. Unlike other investment companies, UITs have maturity dates, making them unsuitable for short-term trading. California fined Cunningham $100,000.

This is not Peter Cunningham’s only regulatory action. On August 14, 2018, the Massachusetts Securities Division issued a cease-and-desist order following allegations that Peter Cunningham engaged in short-term UIT trading. Massachusetts also sanctioned Cunningham and ordered him to take forty hours of securities industry education courses.

Settled Investor Disputes

There are also investor disputes on Peter Cunningham’s record.

• On May 30, 2012, an investor claimed that Cunningham executed unsuitable transactions. She further alleged that Cunningham did not provide her with material facts regarding the securities that she purchased. Brokers are required to provide investors with all material facts that might affect their decision. The investor sought $437,635; the dispute settled for $150,000.
• On January 17, 2012, an investor alleged that Peter Cunningham engaged in negligence and recommended unsuitable investments. The investor sought $218,381; the dispute settled for $90,000.
• On May 2, 2005, an investor alleged that Peter Cunningham engaged in negligence and fraud. The investor sought $120,000; the dispute settled for $65,103.

Termination

Peter Cunningham has also been fired. On December 18, 2001, TD Waterhouse Investor Services fired Cunningham following allegations that he had faced multiple client complaints.

Peter Cunningham Background Information

Cunningham has passed the following exams:

• Series 63 Uniform Securities Agent State Law Examination
• Securities Industry Essentials Examination
• Series 7 General Securities Representative Examination

He is a registered broker in 19 states and is a registered investment adviser in California.

Cunningham has worked with the following firms:

• Muriel Siebert & Co (CRD #: 5376)
• Siebert Advisor NXT (CRD #: 288572)
• StockCross Financial Services (CRD #: 6670)
• TD Waterhouse Investor Services (CRD #: 7870)
• Kennedy Cabot & Co. (CRD #: 2417)

Kurta Law Can Help

If you worked with Peter Cunningham and you have concerns about your investments, contact Kurta Law today. Call 212-658-1502 or email jkurta@kurtalawfirm.com.