diff --git a/core/src/main/java/org/springframework/security/authentication/ProviderManager.java b/core/src/main/java/org/springframework/security/authentication/ProviderManager.java
index 5cbd8fb300b..c144e38844e 100644
--- a/core/src/main/java/org/springframework/security/authentication/ProviderManager.java
+++ b/core/src/main/java/org/springframework/security/authentication/ProviderManager.java
@@ -244,15 +244,21 @@ public Authentication authenticate(Authentication authentication) throws Authent
 		}
 
 		// Parent was null, or didn't authenticate (or throw an exception).
+		boolean providerNotFound = false;
 		if (lastException == null) {
 			lastException = new ProviderNotFoundException(this.messages.getMessage("ProviderManager.providerNotFound",
 					new Object[] { toTest.getName() }, "No AuthenticationProvider found for {0}"));
+			// This exception is synthesized because no provider here supports the
+			// token. In a parent/child hierarchy the manager that actually handled
+			// the request publishes the failure event, so publishing this one would
+			// emit a spurious event that masks the real AuthenticationException.
+			providerNotFound = true;
 		}
 		// If the parent AuthenticationManager was attempted and failed then it will
 		// publish an AbstractAuthenticationFailureEvent
 		// This check prevents a duplicate AbstractAuthenticationFailureEvent if the
 		// parent AuthenticationManager already published it
-		if (parentException == null) {
+		if (parentException == null && !providerNotFound) {
 			prepareException(lastException, authentication);
 		}
 
diff --git a/core/src/test/java/org/springframework/security/authentication/ProviderManagerTests.java b/core/src/test/java/org/springframework/security/authentication/ProviderManagerTests.java
index 4c66bf5bae4..48b35ce6675 100644
--- a/core/src/test/java/org/springframework/security/authentication/ProviderManagerTests.java
+++ b/core/src/test/java/org/springframework/security/authentication/ProviderManagerTests.java
@@ -328,6 +328,28 @@ void authenticateWhenFailsInParentAndPublishesThenChildDoesNotPublish() {
 		verifyNoMoreInteractions(publisher); // Child should not publish (duplicate event)
 	}
 
+	// gh-19434
+	@Test
+	void providerNotFoundFromParentPublishesOnlyChildException() {
+		ProviderManager parentMgr = new ProviderManager(List.of(createProviderWhichDoesNotSupport()));
+		BadCredentialsException childEx = new BadCredentialsException("Bad Credentials in child");
+		ProviderManager childMgr = new ProviderManager(List.of(createProviderWhichThrows(childEx)), parentMgr);
+		AuthenticationEventPublisher publisher = mock(AuthenticationEventPublisher.class);
+		parentMgr.setAuthenticationEventPublisher(publisher);
+		childMgr.setAuthenticationEventPublisher(publisher);
+		Authentication authReq = mock(Authentication.class);
+		assertThatExceptionOfType(BadCredentialsException.class).isThrownBy(() -> childMgr.authenticate(authReq))
+			.isSameAs(childEx);
+		verify(publisher).publishAuthenticationFailure(childEx, authReq);
+		verifyNoMoreInteractions(publisher);
+	}
+
+	private AuthenticationProvider createProviderWhichDoesNotSupport() {
+		AuthenticationProvider provider = mock(AuthenticationProvider.class);
+		given(provider.supports(any(Class.class))).willReturn(false);
+		return provider;
+	}
+
 	private AuthenticationProvider createProviderWhichThrows(final AuthenticationException ex) {
 		AuthenticationProvider provider = mock(AuthenticationProvider.class);
 		given(provider.supports(any(Class.class))).willReturn(true);