- October 14, 2026
- B. Riley Wealth Management
The Wolper Law Firm, P.A. is investigating claims on behalf of customers of Francis Patrick Cunningham (CRD# 2105075) of Memphis, Tennessee. Between November 2025 and September 2026, Cunningham was discharged by two brokerage firms and named in a customer complaint alleging unauthorized trading and churning. He was also suspended for failing to pay an arbitration award, and FINRA permanently barred him for failing to provide requested information.
Broker’s History
According to his FINRA BrokerCheck report, Cunningham entered the industry in 1999 and is not currently registered. His registrations include:
- International Assets Advisory, LLC (Orlando, FL), March 30, 2026 to April 6, 2026
- B. Riley Wealth Management (Memphis, TN), November 2025 to January 2026
- Stifel, Nicolaus & Company, Incorporated (Memphis, TN), April 2025 to December 2025
- B. Riley Wealth Management (Memphis, TN), 2009 to April 2025
- Morgan Keegan & Company, Inc. (Memphis, TN), 2000 to 2009
- First Tennessee Brokerage, Inc. (Memphis, TN), 1999 to 2000
Terminations by Stifel and B. Riley
BrokerCheck reports that Stifel discharged Cunningham on November 6, 2025 for loss of confidence and failure to adhere to the firm’s order entry procedures. He returned to B. Riley Wealth Management. B. Riley discharged him on January 12, 2026 after determining that he had provided false or misleading information during the hiring process about his termination from his prior firm.
Customer Dispute (December 2025)
A customer dispute reported December 16, 2025 alleges an unauthorized account transfer, unauthorized purchases and sales, and churning. The customer seeks $18,469.04. The dispute is pending, and its allegations have not been proven.
FINRA Suspensions and Bar
FINRA suspended Cunningham on July 6, 2026 under FINRA Rule 9552 for failing to provide information requested by FINRA. He did not request termination of the suspension, and it became a permanent bar on September 14, 2026. Separately, on July 29, 2026, FINRA suspended him under FINRA Rule 9554 for failing to comply with an arbitration award or settlement in FINRA Arbitration No. 26-00307.
Applicable FINRA Rules and Legal Standards
FINRA Rule 3260 prohibits a broker from exercising discretion in a customer’s account without prior written authorization and the firm’s acceptance of the account as discretionary. A trade the customer did not approve is unauthorized trading. Churning occurs when a broker controls an account and trades excessively to generate commissions; Regulation Best Interest prohibits recommending a series of transactions that is excessive. Brokers must answer FINRA’s requests under FINRA Rule 8210, and firms must supervise order entry under FINRA Rule 3110.
What This Means for Investors
Customers of Cunningham at Stifel, B. Riley, or International Assets Advisory should review their statements for trades or transfers they did not authorize and for unusual trading frequency. Because Cunningham has already failed to pay an arbitration award, claims against the brokerage firms responsible for supervising him may be the most practical path to recovery. Claims may be brought in FINRA arbitration, generally within six years under FINRA Rule 12206.
The Wolper Law Firm, P.A. represents investors throughout the country in securities arbitration and litigation, typically on a contingency fee basis. Matt Wolper, the firm’s managing principal, is a trial attorney who has handled more than 1,000 securities cases. If you did business with Francis Cunningham, contact us for a free consultation at 800.931.8452 or mwolper@wolperlawfirm.com.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]