Park City, UT | January 21, 2026
Park City financial advisor Greg Cunningham (CRD# 2477804) has three customer complaints on his FINRA BrokerCheck record, including a recent settlement in October 2025 for $159,830.15 involving allegations of breach of fiduciary duty. According to FINRA records, the complaints span from 1999 to 2025 and involve claims of unauthorized trading, breach of fiduciary duty, and unsuitable investment recommendations. Cunningham has been registered with Raymond James Financial Services since March 2010 and currently operates from the firm’s Park City, Utah branch office.
BrokerCheck Snapshot
Name: Gregory Dee Cunningham
CRD #: 2477804
Firm: Raymond James Financial Services, Inc.
Location: Park City, UT
Years in Industry: 31
Number of Disclosures: 3
Customer Complaints Against Gregory Cunningham
Complaint #1: September 2025 – Breach of Fiduciary Duty (Settled)
Date Filed: September 11, 2025
Status: Settled – October 14, 2025
Settlement Amount: $159,830.15
Individual Contribution: $0.00 (paid entirely by firm)
Alleged Damages: $150,000.00
Product Type: No Product Specified
The most recent complaint alleges that Cunningham breached a fiduciary duty by liquidating some of the client’s investments to fund a loan she made to him. According to the disclosure, the complainant was a relative of Cunningham’s spouse who had been his client for almost 30 years.
In his statement, Cunningham characterized this as “a very private and personal matter” involving a verbal agreement with no obligation to repay the loan within a certain time frame. He stated that the relative “unexpectedly called the loan and involved an attorney” and that he still does not know why the loan was called.
The complaint was settled for $159,830.15, with Raymond James Financial Services paying the entire settlement amount and Cunningham contributing nothing personally.
Complaint #2: October 2021 – Unauthorized Trading (Denied)
Date Filed: October 6, 2021
Status: Denied – October 27, 2021
Alleged Damages: Estimated at least $5,000.00 (unspecified)
Activity Period: January 23, 2015 – October 12, 2016
Product Type: Equity Listed (Common & Preferred Stock)
A successor trustee alleged that unauthorized trading took place in a discretionary account between January 2015 and October 2016. The firm estimated damages to be at least $5,000.00, though no specific amount was provided.
Cunningham denied the allegations, stating that no unauthorized trading occurred. He explained that the account was a trust account with a signed asset management agreement that permitted the money manager to continue transactions even after the grantor’s death. According to Cunningham, the successor trustee was provided with a copy of this agreement.
The complaint was denied on October 27, 2021.
Complaint #3: April 1999 – Unsuitability and Unauthorized Trading (Settled)
Date Filed: April 19, 1999
Status: Settled – August 12, 1999
Settlement Amount: $9,500.00
Individual Contribution: $9,500.00 (paid entirely by Cunningham)
Alleged Damages: $100,000.00
Product Type: Equity – OTC Stock
Firm When Occurred: Raymond James & Associates
The earliest complaint on Cunningham’s record alleged unsuitability and unauthorized trading involving OTC (over-the-counter) stock. The client claimed losses in excess of $100,000.00.
This matter was settled in August 1999 for $9,500.00, with Cunningham personally paying the entire settlement amount. No broker statement was provided for this disclosure.
Pattern of Complaints and Risk Factors
While each case is unique, the pattern of complaints involving alleged unauthorized trading and breach of fiduciary duty may indicate concerns related to account management practices, client communication, and boundary issues between personal and professional relationships. Investors should carefully review account statements, understand the terms of discretionary authority, and seek legal guidance if similar issues occurred.
Understanding Fiduciary Duty in Investment Relationships
When a financial advisor serves as an Investment Adviser Representative—as Cunningham does through Raymond James Financial Services Advisors—they owe clients a fiduciary duty. This is the highest standard of care under securities law and requires the advisor to:
- Put the client’s interests ahead of their own personal interests
- Provide advice that is in the client’s best interest
- Disclose all material conflicts of interest
- Deal fairly and honestly with clients at all times
- Avoid self-dealing and conflicts between personal and professional relationships
The recent settlement involving a loan from a client raises important questions about boundaries between personal relationships and fiduciary obligations. Securities regulations generally prohibit advisors from borrowing money from clients except under very limited circumstances, specifically to protect clients from potential exploitation.
About Gregory Cunningham’s Background
According to FINRA records, Gregory Dee Cunningham has been in the financial services industry since June 1994, giving him over 31 years of experience.
Current Registrations:
- Raymond James Financial Services, Inc. (March 2010 – Present) – General Securities Representative, Park City, UT
- Raymond James Financial Services Advisors, Inc. (March 2010 – Present) – Investment Adviser Representative, Park City, UT
Previous Registration:
- Raymond James & Associates, Inc. (June 1994 – March 2010) – Both broker and investment adviser representative
Current Licenses: Cunningham is currently licensed in 11 U.S. states: Arizona, California, Florida, Georgia, Minnesota, Missouri, New York, North Carolina, Texas, Utah, and Wyoming.
Securities Exams Passed:
- Series 7 (General Securities Representative) – June 1994
- Series 63 (Uniform Securities Agent State Law) – June 1994
- Series 65 (Uniform Investment Adviser Law) – July 1995
- Series 8 (General Securities Sales Supervisor) – July 1998
- SIE (Securities Industry Essentials) – October 2018
- Series 4 (Registered Options Principal) – January 2023
- Series 9 (General Securities Sales Supervisor – Options Module) – January 2023
- Series 10 (General Securities Sales Supervisor – General Module) – January 2023
Other Business Activities:
- Cunningham Wealth Group – Marketing name for current business operation (since January 2019)
- Real Estate Owner – Non-investment related activity (since May 2013)
- BNI President – Business networking organization (since August 2012)
The Significance of Personal Loans Between Advisors and Clients
The most recent settlement highlights a significant regulatory and ethical concern: loans between financial advisors and their clients. FINRA Rule 3240 generally prohibits registered representatives from borrowing money from or lending money to customers unless specific exemptions apply, such as:
- The customer is an immediate family member
- The customer is a financial institution in the business of lending money
- The customer and the registered representative are both registered persons of the same firm
- The lending arrangement is based on a personal relationship independent of the broker-customer relationship
- The lending arrangement is based on a business relationship independent of the broker-customer relationship
Even when an exception might apply, such loans create inherent conflicts of interest and blur the line between personal and professional relationships. When a loan relationship sours—as appears to have happened in Cunningham’s case—it can lead to allegations that the advisor’s investment decisions were influenced by personal financial considerations rather than the client’s best interests.
Can Investors Recover Losses from Breach of Fiduciary Duty?
Investors who experienced fiduciary duty violations, unauthorized trading, or conflicts of interest may be entitled to recover losses through FINRA arbitration.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident.
Related Brokers and Firms
If you have concerns about your investments with Raymond James Financial Services or other advisors at the firm, you may want to review our Raymond James Financial Services complaints page.
We also handle cases involving:
- Breach of fiduciary duty claims
- Unauthorized trading allegations
- FINRA arbitration representation
- Elder financial abuse cases
- Investment fraud recovery
Frequently Asked Questions
What allegations have been made against Gregory Cunningham?
Gregory Cunningham has three customer complaints on his FINRA record. The most recent complaint, filed in September 2025, alleged breach of fiduciary duty related to liquidating client investments to fund a personal loan. An earlier complaint in 2021 alleged unauthorized trading in a trust account, which was denied. A 1999 complaint alleged unsuitability and unauthorized trading involving OTC stocks.
How does borrowing money from a client violate fiduciary duty?
When a financial advisor borrows money from a client, it creates a conflict of interest that can compromise the advisor’s ability to provide objective investment advice. The advisor may be influenced by personal financial obligations rather than focusing solely on the client’s best interests. FINRA Rule 3240 restricts such loans except under very specific circumstances to protect investors from potential exploitation.
What is the difference between a settled complaint and a denied complaint?
A settled complaint means the parties reached an agreement to resolve the matter, typically involving a payment to the customer. Settlement does not necessarily indicate wrongdoing—firms and advisors often settle for business reasons to avoid litigation costs or maintain relationships. A denied complaint means the allegations were rejected, either because they were unfounded or because the advisor successfully defended against them.
Can I recover money if my advisor engaged in unauthorized trading?
Yes, if your financial advisor made trades in your account without your authorization, you may be entitled to recover your losses through FINRA arbitration. Unauthorized trading violates securities regulations and can form the basis for a successful claim. Even if you had a discretionary agreement with your advisor, there are limits to what they can do, and trades must still be suitable for your investment objectives.
How can I check if my broker has complaints filed against them?
You can look up any broker’s background using FINRA’s BrokerCheck tool at brokercheck.finra.org. Simply enter the broker’s name or CRD number to view their registration history, licenses, and any customer complaints, regulatory actions, or other disclosure events. BrokerCheck is free and provides the most comprehensive public record of a broker’s professional history.
What should I do if I suspect my advisor violated their fiduciary duty?
If you believe your financial advisor breached their fiduciary duty, take these steps: (1) Document all communications, account statements, and investment recommendations; (2) Review your account agreements to understand the advisor’s obligations; (3) File a complaint with your firm’s compliance department; (4) Consider filing a complaint with FINRA or your state securities regulator; and (5) Consult with a securities attorney who can evaluate whether you have grounds for a FINRA arbitration claim.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money due to breach of fiduciary duty, unauthorized trading, or other misconduct by Gregory Cunningham or another financial advisor, we can help. Our experienced securities attorneys will review your case at no cost and explain your legal options.
Call: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
There is no obligation. We’re here to protect your rights and help you recover your losses.
Disclaimer: The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.