Karen Cunningham: $150K Complaint Against Kestra Advisor

Oklahoma City financial advisor Karen Cunningham (CRD# 1134960) recently received an investor complaint alleging six-figure damages. Financial Industry Regulatory Authority records show that she is a broker and an investment advisor with Kestra Investment Services and Kestra Advisory Services, respectively.

Ms. Cunningham’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2022, alleges that as a representative of Kestra Investment Services, she recommended an unsuitable investment in the Trust in Noble Royalty Access Fund IV, failed to make disclosures regarding commissions and risks, and misrepresented material facts relating to the investment. The pending complaint alleges damages of $150,000. 

An earlier investor complaint, filed in 2018, alleges that as a Kestra representative, she recommended an oil and gas product that suffered losses. The complaint alleged unspecified damages and was denied by the firm. 

A third investor complaint, filed in 1998, alleged that she made “incorrect” mutual fund purchases while at The Advisors Group. The complaint reached a settlement of $45,065.

According to the Financial Industry Regulatory Authority, Karen Cunningham holds 39 years of securities industry experience. Based in Oklahoma City, Oklahoma, she has been a broker with Kestra Investment Services since 2001 and an investment advisor with Kestra Advisory Services since 2016. Her past registrations include NFP Advisor Services (Austin, Texas; 2001-2016), The Advisors Group (Bethesda, Maryland; 1989-2001), Mutual Services Corporation (Boston, Massachusetts; 1989), Lowry Financial Services Corporation (1987-1989), ManEquity (1986-1987), Philadelphia LIfe Asset Planning Company (1986), Southwestern Management & Research Corporation (1985-1986), and New York Life Securities Corporation (1983-1985). Her credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. She holds 26 state licenses. (Information current as of September 7, 2022.)

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