FINRA Suspends Tory Duggins – Goodman & Nekvasil, P.A. May Recover Losses
FINRA suspends Tory Duggins.
Call 800-500-4442 if you think that you have received unsuitable investment recommendations from your adviser.
TORY A DUGGINS (CRD#: 4556340), a previously registered broker for SPARTAN CAPITAL SECURITIES, LLC, in New York, NY, is suspended from the securities industry. FINRA’s findings allege that Duggins’ customers relied on his advice and routinely followed his recommendations and, as a result, he exercised de facto control over the customers’ accounts. Duggins’ trading resulted in high cost-to-equity ratios and turnover rates that were well above the traditional guideposts of 20 percent and six, respectively, as well as significant losses. Specifically, Duggins’ trading in the customers’ accounts generated total trading costs of $444,176, including $343,416 in commissions, and caused $235,494 in total realized losses. Duggins’ trading was excessive, unsuitable, and not in the best interest of the customers given their investment profiles. The findings also stated that Duggins willfully failed to report a written customer complaint alleging a sales practice violation on his Form U4. A customer sent Duggins an email complaining that he excessively traded the customer’s account and seeking $17,500 in compensatory damages. Duggins received and read the email but did not forward the customer complaint to his member firm’s compliance department as required by the firm’s policies.
Tory Duggins Investigation
Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended investments to its clients.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 2/5/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.