Peter Michael Cushing – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Peter Michael Cushing.
The stock market is a device for transferring money from the impatient to the patient… Warren Buffet
BrokerComplaints.com is currently investigating allegations related to Peter Michael Cushing. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About Peter Cushing
Peter Michael Cushing is an Investment Adviser. Peter Michael Cushing’s Central Registration Depository (CRD) number is 2376087 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/2376087.
Click here to download a Detailed Audit Report for Peter Michael Cushing.
Peter Michael Cushing has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of Peter Michael Cushing’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 9/16/2013
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA:
- Initiated By: MASSACHUSETTS
- Allegations: ON OR ABOUT MAY 1, 2013, REVERE SUBMITTED TO THE CENTRAL REGISTRATION DEPOSITORY (CRD) OF FINRA AN APPLICATION FOR SECURITIES INDUSTRY REGISTRATION SEEKING REGISTRATION OF CUSHING AS AN AGENT OF REVERE IN MASSACHUSETTS. CUSHING HAS BEEN THE SUBJECT OF TWO (2) CUSTOMER COMPLAINTS, AS REPORTED ON THE CRD, WHICH ALLEGED, INTER ALIA, UNSUITABILITY OF INVESTMENTS, UNAUTHORIZED TRADING, CHURNING, FAILURE TO EXECUTE TRADES, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, MISREPRESENTATION, AND FRAUD. CUSHING’S FORMER EMPLOYER, LPL FINANCIAL, LLC (LPL), FILED A FORM U5 STATING THAT CUSHING HAD BEEN TERMINATED FROM THE FIRM ON OR ABOUT NOVEMBER 12, 2012, FOR VIOLATING FIRM POLICY REGARDING MUTUAL FUND TRADING. CUSHING SUBMITTED A LETTER TO HIS SUPERVISOR RESIGNING HIS POSITION AT LPL ON OCTOBER 26, 2012. PRIOR TO CUSHING’S DEPARTURE FROM THE FIRM, LPL CONDUCTED A PERFORMANCE REVIEW OF CUSHING AND CUSHING’S TRADING PARTNER, WITH WHOM CUSHING SHARED A BOOK OF CUSTOMER TRADING BUSINESS. DURING THE COURSE OF THE REVIEW, THE INDIVIDUAL REVIEWING THE REPRESENTATIVES SOUGHT TO DETERMINE WHETHER OR NOT CUSHING AND HIS PARTNER HAD CEASED THE PATTERN OF SHORT TERM TRADING IN A-SHARE MUTUAL FUNDS BOTH WERE ADMONISHED TO CEASE IN A LETTER OF CAUTION DATED JANUARY 30, 2012. AT THE CONCLUSION OF ITS PERFORMANCE REVIEW, ON OR ABOUT NOVEMBER 13, 2012, LPL DETERMINED THAT THE PATTERN OF TRADING IN A-SHARE MUTUAL FUNDS HAD NOT CEASED. NO INTERNAL REVIEW OR SIMILAR DISCLOSURE WAS FILED BY LPL WITH FINRA REGARDING THIS MATTER. CUSHING HAS STATED TO THE DIVISION THAT HE SEPARATED HIS BUSINESS ACTIVITIES FROM THAT OF HIS FORMER PARTNER SHORTLY AFTER RECEIVING THE LETTER OF CAUTION, AND HAS NOT PARTICIPATED IN ANY OF THE VIOLATIVE TRADING LPL STATED IT UNCOVERED AS A RESULT OF ITS 2012 PERFORMANCE REVIEW. REVIEW OF THE ALLEGATIONS AGAINST CUSHING HAS MOVED THE DIVISION TO PLACE CONDITIONS ON HIS REGISTRATION AS AN AGENT OF REVERE.
- Resolution: Consent
- Sanction Details :: Sanctions: Undertaking
- Sanctions: THE DIVISION APPROVED CUSHING’S APPLICATION FOR REGISTRATION IN MASSACHUSETTS AS AN AGENT OF REVERE UPON THE CONDITIONS SET FORTH BELOW WHICH WERE EFFECTIVE FOR TWO (2) YEARS: A) CUSHING SHALL BE SUPERVISED, ON A HEIGHTENED BASIS; B) REVERE SHALL NOT PERMIT CUSHING TO HAVE ANY PRINCIPAL, SUPERVISORY, OR MANAGERIAL DUTIES WHILE ASSOCIATED WITH REVERE; C) REVERE SHALL NOT PERMIT CUSHING TO POSSESS OR EXERCISE DISCRETION IN THE HANDLING OF MASSACHUSETTS CUSTOMER ACCOUNTS; D) ON A QUARTERLY BASIS, REVERE SHALL MONITOR AND REPORT ON CUSHING’S MASSACHUSETTS CUSTOMERS WITH RESPECT TO THE CUSTOMER’S SATISFACTION WITH CUSHING’S SERVICES; E) ON A WEEKLY BASIS CUSHING’S SUPERVISOR WILL CONDUCT A WRITTEN REVIEW OF CUSHING’S MUTUAL FUND SWITCHING TRANSACTIONS; F) SHOULD CUSHING BECOME THE SUBJECT OF ANY WRITTEN OR ORAL CUSTOMER COMPLAINT CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, REVERE SHALL NOTIFY THE DIRECTOR, IN WRITING, WITHIN TEN (10) BUSINESS DAYS OF REVERE’S RECEIPT OF SUCH COMPLAINT; G) SHOULD CUSHING BECOME THE SUBJECT OF ANY REGULATORY INVESTIGATION, INTERNAL INVESTIGATION, ARBITRATION PROCEEDING, OR SECURITIES-RELATED LITIGATION CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, REVERE SHALL NOTIFY THE DIRECTOR, IN WRITING, WITHIN TEN (10) BUSINESS DAYS OF THE INVESTIGATION, PROCEEDING, OR LITIGATION; H) CUSHING SHALL NOT PERFORM ANY PRINCIPAL, SUPERVISORY, OR MANAGERIAL DUTIES WHILE ASSOCIATED WITH REVERE; I) CUSHING SHALL NOT POSSESS OR EXERCISE DISCRETION IN THE HANDLING OF MASSACHUSETTS CUSTOMER ACCOUNTS; J) CUSHING SHALL NOTIFY MR. DEFILIPPO, OR HIS SUCCESSOR, OF THE RECEIPT OF ANY CUSTOMER COMPLAINT, ORAL OR WRITTEN, CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT AS A REGISTERED REPRESENTATIVE;
- Broker Comment: THAN THE END OF THE FIFTH BUSINESS DAY AFTER WHICH HES IS MADE AWARE OF THE PROCEEDING, INVESTIGATION OR LITIGATION; L) CUSHING SHALL NITIFY MR. DEFILIPPO, OR HIS SUCCESSOR, OF ANY INACCURACY IN ANY REPRESENTATION MADE TO THE DIVISION HEREIN OR THE BREACH OF ANY PROVISION OF HIS UNDERTAKINGS AND REPRESENTATIONS; M) 24 MONTHS AFTER THE ENTRY OF THE ORDER, CUSHING SHALL SUBMIT TO REVERE AND THE DIRECTOR AN AFFIDAVIT STATING THAT HE HAS FULLY COMPLIED WITH ALL CONDITIONS OF THE ORDER REFERENCED IN PART 10 OF THE UNDERTAKINGS. IN THE EVENT THAT CUSHING CANNOT SUBMIT THE REQUIRED AFFIDAVIT, HE SHALL INSTEAD SUBMIT A STATEMENT EXPLAINING WHY THE AFFIDAVIT CANNOT BE SUBMITTED.
DISCLOSURE 2 –
- Event Date: 3/25/2004
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: ALLEGED UNSUITABLE INVESTMENTS; UNAUTHORIZED TRADING AND CHURNING.
- Damage Amount Requested: $300,000.00
- Settlement Amount: $137,500.00
- Arbitration Docket Number:
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Previous Associations
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (CRD#: 11025) :: 12/4/2019 – 2/26/2021 :: HINGHAM, MA
- REVERE SECURITIES LLC (CRD#: 14178) :: 4/30/2013 – 12/6/2019 :: BOSTON, MA
- METLIFE SECURITIES INC. (CRD#: 14251) :: 10/29/2012 – 5/3/2013 :: DANVERS, MA
- LPL FINANCIAL LLC (CRD#: 6413) :: 9/14/2007 – 11/20/2012 :: BOSTON, MA
- A. G. EDWARDS & SONS, INC. (CRD#: 4) :: 8/21/2001 – 9/19/2007 :: BOSTON, MA
- J.P. MORGAN SECURITIES INC. (CRD#: 18718) :: 2/1/2000 – 8/23/2001 :: NEW YORK, NY
- HAMBRECHT & QUIST LLC (CRD#: 940) :: 6/3/1999 – 2/1/2000 :: SAN FRANCISCO, CA
- HAMBRECHT & QUIST LLC (CRD#: 940) :: 5/12/1999 – 6/3/1999
- GRUNTAL & CO., L.L.C. (CRD#: 372) :: 6/16/1994 – 5/13/1999 :: NEW YORK, NY
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Peter Michael Cushing, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report Peter Cushing
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
Peter Michael Cushing – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (2376087) for the broker – Peter Michael Cushing
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.
The views and opinions expressed in these articles are those of the source BrokerComplaints.com and do not necessarily reflect the official position of ‘The Skeptic Files,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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