Karen Shaw Cunningham (also known as Karen Conley Shaw), of Oklahoma City, Oklahoma, a stockbroker associated with Kestra Investment Services LLC, was the subject of a customer initiated investment related civil action in which the customer requested $150,000.00 in damages based upon allegations that Cunningham made an unsuitable recommendation of Noble Royalty Access Fund IV LP, an alternative investment. The customer contends that the Trust was not a sophisticated investor and that the recommendations did not align with the Trust’s investment objectives. It is further alleged that Cunningham failed to disclose relevant commission fees and investment risks to the Trust and misrepresented the nature of the investment. Civil Action No. CJ-2022-3660 (August 1, 2022).
This is not the first time that Cunningham has been referenced in a customer initiated investment related dispute concerning Cunningham’s conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Cunningham was also referenced in a customer initiated investment related complaint that was settled for $45,065.00 in damages based upon allegations of unauthorized trading during the time that Cunningham was associated with The Advisors Group Inc.
Cunningham was also referenced in a customer initiated investment related complaint filed on February 13, 2018, in which the customer requested compensatory damages based upon alleged excessive management fees and poor performance on an oil and gas investment that was sold to the customer when Cunningham was associated with Kestra Investment Services LLC. The complaint was later denied.
Cunningham has been associated with Kestra Investment Services LLC in Oklahoma City, Oklahoma since August 8, 2001. She has also been associated with Kestra Advisory Services LLC in Oklahoma City, Oklahoma since April 25, 2016.