Investors may have encountered financial setbacks due to the actions of Tory Duggins [CRD: 4556340, New York, New York], based on disclosures found on the Financial Industry Regulatory Authority (FINRA) BrokerCheck. Notably, Duggins was previously registered with Spartan Capital Securities LLC in New York, NY, from February 29, 2016, to January 31, 2024. Read on to learn more about Duggins's alleged misconduct.
FINRA Sanctioned Duggins For Unsuitable Trading
On January 19, 2024, FINRA sanctioned Tory Duggins, according to Letter of Acceptance, Waiver, and Consent No. 2018056490309. Duggins consented to the sanctions without admitting or denying the findings. The regulator found that Duggins violated the Best Interest Obligation under Rule 15l-1 of the Exchange Act (Regulation BI) by recommending excessive trades to clients, including seniors.
Duggins' influence led to his control over their accounts, resulting in high turnover rates and cost-to-equity ratios, as well as losses. Specifically, his trading resulted in total costs of $444,176 (commissions alone were $343,416), and $235,494 in realized losses. These actions were deemed by FINRA as unsuitable and not in the best interest of the clients, considering their investment profiles. Additionally, Duggins reportedly failed to report a client complaint alleging a sales practice violation, despite being aware of the issue. Consequently, he received an 18-month suspension, starting February 20, 2024, and ending August 19, 2025.
Tory Duggins Sanctioned By FINRA For Non-Compliance With Arbitration Award
Also, FINRA initiated a regulatory action against Tory Duggins on August 9, 2017, under Case No. 16-02935. Duggins was sanctioned for failing to comply with an arbitration award or settlement agreement or otherwise not responding to a FINRA request for information about his compliance. This led to a suspension, commencing on August 9, 2017, and concluding on September 11, 2017.
Avenir Financial Group Investor Accused Duggins Of Unsuitable Recommendations, Breach Of Fiduciary Duty
An investor with Avenir Financial Group filed a complaint about Tory Duggins, detailed in FINRA Arbitration No. 16-02935. The client alleged that Duggins engaged in margin abuse, unsuitable recommendations, and a breach of fiduciary duty, particularly involving stocks. As a result, the client claimed damages of $50,000. On June 8, 2017, a FINRA Arbitration Panel found Duggins jointly and severally liable, ordering him to pay the client $26,127 in compensatory damage.
Spartan Capital Securities Investor Accused Tory Duggins Of Unauthorized Trading
Also, a client filed a written complaint about Tory Duggins. Importantly, the client alleged that Duggins engaged in unauthorized trading involving over-the-counter equities and stocks. As a consequence, the client claimed to have suffered damages. Consequently, on November 13, 2012, VFinance Investments Inc., where the activities leading to the complaint took place, settled this matter by compensating the client $21,500 in damages.
Did You Suffer Losses Because Of Duggins?
Have you endured investment losses because of Tory Duggins? If so, consider reaching out to Soreide Law Group online or at (888) 760-6552 for a conversation with a securities attorney regarding potential reimbursement of your financial losses. Soreide Law Group, with a successful track record of recovering losses for investors across the United States, operates on a contingency fee basis and fronts all necessary costs. Duggins and the brokerage firms he worked for refute allegations of sales practice violations.
