FINRA has permanently barred former Memphis, Tennessee financial advisor Francis Patrick Cunningham (CRD# 2105075) from the securities industry following a rapid series of firm terminations, customer disputes, and regulatory suspensions.

According to official FINRA BrokerCheck records, Cunningham spent over two decades in the industry, including a long tenure at B. Riley Wealth Management (2009 to April 2025), followed by brief registrations with Stifel, Nicolaus & Company (April 2025 to December 2025), a return to B. Riley Wealth Management (November 2025 to January 2026), and International Assets Advisory (March 2026 to April 2026).

Cunningham’s regulatory record reflects a steep collapse between late 2025 and September 2026:

  • Pending Churning and Unauthorized Trading Dispute: In late 2025, a customer filed a formal complaint alleging that while Cunningham was registered with Stifel Nicolaus, he engaged in churning, unauthorized purchases and sales of stocks and mutual funds, and an unauthorized account transfer.
  • Discharged by Stifel Nicolaus: On November 6, 2025, Stifel terminated Cunningham, citing a loss of confidence and failure to adhere to the firm’s order entry procedures.
  • Discharged by B. Riley Wealth Management: After briefly rejoining B. Riley, the firm terminated him on January 12, 2026, after determining that he provided false or misleading information during the hiring process regarding his prior termination from Stifel.
  • FINRA Suspensions and Permanent Bar: FINRA suspended Cunningham under Rule 9554 for failing to comply with an arbitration award or settlement agreement, and separately suspended him on July 6, 2026, under Rule 9552 for failing to provide information requested by investigators. After Cunningham failed to respond, FINRA converted the suspension into a permanent industry bar on September 14, 2026.

When a veteran broker is terminated by two major brokerage firms in rapid succession for order entry violations and misleading compliance disclosures, it is a critical warning sign for former clients. Order entry violations and churning frequently point to a pattern of executing trades without prior client consent in order to generate commissions.

Furthermore, brokerage firms like B. Riley Wealth Management and Stifel Nicolaus have a strict legal duty to supervise their advisors, monitor accounts for excessive trading, and investigate red flags during onboarding and daily operations. When a firm fails to supervise a rogue advisor, the firm itself can be held financially liable for customer losses in FINRA arbitration.

If you suffered investment losses of $100,000 or more while working with Francis Patrick Cunningham at B. Riley Wealth Management, Stifel Nicolaus, or International Assets Advisory, contact Sonn Law for a confidential review of your account statements and legal recovery options.

Sources: (FINRA BrokerCheck Report for Francis Patrick Cunningham, CRD# 2105075: FINRA) (FINRA Disciplinary and Other Actions, September 2026: FINRA)