Has your portfolio suffered unexpected setbacks and financial losses? You might have been a victim of Tory Duggins’ unsuitable trading practices, as disclosed in the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck (CRD: 4556340, New York). A former financial advisor hailing from New York, Duggins has amassed several allegations of misconduct over his career, reportedly leading to heavy losses for investors.
Recommendation of Excessive Trades: A Violation of the Best Interest Obligation
According to the Letter of Acceptance, Waiver, and Consent No. 2018056490309, dated January 19, 2024, Duggins was sanctioned by FINRA for violating the Best Interest Obligation under Rule 15l-1 of the Exchange Act (Regulation BI). This breach occurred as Duggins recommended an excessive number of trades to his clients, which included senior citizens.
Sadly, these actions weren’t just breaches of professional conduct. They led to significant financial setbacks for the investors involved. Specifically, Duggins’s trading resulted in a staggering $444,176 total costs for his clients, of which a large chunk, $343,416, was claimed by commissions. Meanwhile, clients bore $235,494 in realized losses. Such heavy financial burdens, amidst high turnover rates and cost-to-equity ratios, could never be in the best interest of the clients, going against their investment profiles.
Non-Compliance with Arbitration Award: Another Tick Against Duggins
Here’s another chapter in Duggins’s tale: on August 9, 2017, FINRA initiated a regulatory action under Case No. 16-02935. Duggins was sanctioned for his failure to comply with an arbitration award, a settlement agreement, or for not responding to a FINRA request for compliance information. This event led to a temporary suspension from August 9 to September 11, 2017.
Client Complaints: The Screams from Helpless Investors
It appears Duggins’s reckless actions didn’t go unnoticed among some investors. For instance, an investor from Avenir Financial Group, as detailed in FINRA Arbitration No. 16-02935, accused Duggins of unsuitable recommendations and a breach of fiduciary duty. Specifically, Duggins faced allegations of margin abuse related to stocks, resulting in $50,000 claimed damages. The aftermath? A FINRA Arbitration Panel found Duggins jointly and severally liable, leading to a compensatory damage payment to the client totaling $26,127.
But, that’s not all. Duggins is also tied to another unfortunate incident where a client accused him of unauthorized trading involving over-the-counter equities and stocks. This case, which took place at vFinance Investments Inc., resulted in the client alleging damages. To address the issue, on November 13, 2012, vFinance compensated the client $21,500 in damages.
If you too have encountered hefty losses due to Duggins’s questionable actions, you have rights and options. You may be eligible for reimbursement. Remember, it’s your hard-earned money on the line – you deserve protection and justice.