Christopher Cunningham Pleads Guilty to Fraud Scheme After Allegedly Using His Elderly Clients’ Money for His Own Personal Use
Christopher Cunningham, of Alexandria, Virginia, pled guilty to a wire fraud scheme that targeted elderly clients for investment funds.
The Peiffer Rosca securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter.
Cunningham admitted to orchestrating a fraudulent investment scheme that spanned from approximately 2005 to 2011, according to a statement of facts filed with Cunningham’s plea agreement. Cunningham worked as an investment advisor during this time and solicited investments from a number of clients, many of whom were elderly. Cunningham promised these clients guaranteed returns and falsely represented to his clients that he was not being compensated as a result of his clients’ investments and that their money could be paid back in a single day if it was needed, according to the statement of facts.
Once Cunningham obtained his clients’ money, he used it to fund his private companies and used the money for his own personal use, according to the statement of facts. It is alleged that Cunningham’s clients lost more than $1,000,000 in connection with the scheme.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.