Financial Misconduct Allegations Surround Tory Duggins, Former Spartan Capital Securities Broker

Have you experienced unexpected financial losses in your investment portfolio? If you’ve worked with Tory Duggins, it’s possible you’ve felt the impact of his unsuitable trading practices. My analysis of the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck reveals that Duggins, a former financial advisor from New York (CRD: 4556340), has a history of allegations that may have led to significant losses for investors.

Engaging in Excess Trading: How It Contradicts Client Best Interests

On January 19, 2024, pursuant to the Letter of Acceptance, Waiver, and Consent No. 2018056490309, I learned that FINRA penalized Duggins for not upholding the Best Interest Obligation dictated by Regulation BI. He was found to have suggested more transactions than necessary, including to senior citizens – clearly not in line with their financial needs.

Warren Buffett once said, “Risk comes from not knowing what you’re doing.” In the case of Duggins’s clients, the risk was real; the financial harm evident. They faced a combined $444,176 in costs, out of which $343,416 went to commissions. The investors also realized losses of $235,494. High turnover and cost-to-equity ratios sent a clear message: these actions were not in their best interests and clashed with their investment plans.

Failing to Comply with Arbitration Award: A Red Flag

Another concerning action on Duggins’s record occurred on August 9, 2017. Case No. 16-02935 highlights his suspension by FINRA for not adhering to an arbitration award, settlement agreement, or not responding to a FINRA request. This resulted in his suspension from August 9 to September 11, 2017.

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Investor Complaints: Unignorable Red Flags from Clients

Investors haven’t stayed silent about Duggins’s questionable decisions. For example, at Avenir Financial Group, an investor challenged him via FINRA Arbitration No. 16-02935 for recommending unsuitable investments and failing his fiduciary duty. The charges included allegations of improper use of margin involving stocks. As a result, the arbitration panel found Duggins partially responsible and ordered him to pay the client $26,127 in compensation.

That wasn’t the only incident. Another client accused Duggins of unauthorized transactions with over-the-counter equities and stocks while at vFinance Investments Inc. The customer’s claim led to a settlement of $21,500 on November 13, 2012.

If you’ve suffered losses because of dealings with Duggins, know that you have rights. You might be entitled to a refund. It’s imperative to protect your investments, after all, it’s the fruit of your labor that’s at stake – and you deserve fairness and justice.

Last but not least, remember to check the credentials of any financial advisor you consider working with. You can look up a potential advisor’s FINRA CRM number for peace of mind. A financial fact to keep in mind: studies show that bad financial advisors can end up costing Americans millions in lost dollars and missed opportunities, so do your due diligence and choose wisely.

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