Tory A. Duggins, of New York, New York, a stockbroker currently registered with Spartan Capital Securities, LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to fulfill his financial obligations pertaining to a customer initiated investment related settlement agreement or award from an arbitration claim. Case No. 16-02935 (Aug. 9, 2017).
FINRA Public Disclosure reveals that Duggins was previously subject of a $7,500.00 fine and suspension imposed by FINRA based upon consenting to findings that he exercised discretionary trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2012034825001 (Nov. 10, 2014).
According to the AWC, between November of 2011 and May of 2012, Duggins effected transactions in a customer account without authorization; he exercised discretion in the customer’s account despite the customer never having provided written authorization to him beforehand. Moreover, the firm did not classify the account as approved for purposes of Duggins’ discretionary trading. The AWC stated that Duggins also falsely represented his activities when questioned by his firm. Consequently, FINRA found that Duggins’ conduct was violative of FINRA Rule 2010 and NASD Conduct Rule 2510(b).
Further, Duggins has been identified in four customer initiated investment related disputes pertaining to allegations of his wrongdoing while he was associated with VFinance Investments, Inc. and Avenir Financial Group. Particularly, on January 23, 2012, a customer filed an investment related written complaint involving Duggins’ conduct, in which the customer sought $9,000.00 in damages supported by allegations that Duggins generated excessive commissions from the customer in connection with over-the-counter equities transactions.
Thereafter, on February 18, 2012, a customer filed an investment related written complaint involving Duggins’ conduct, supported by allegations that Duggins effected unauthorized and excessive trades in the customer’s account, and generated excessive commissions as a result. Subsequently, on November 13, 2012, a customer initiated investment related written complaint involving Duggins’ conduct was settled for $21,500.00 in damages grounded upon allegations that Duggins placed over-the-counter equities trades in the customer’s account without authorization.
Moreover, on June 8, 2017, a customer was awarded $50,000.00 in damages according to an investment related arbitration claim involving Duggins’ misconduct, based upon allegations that Duggins breached his fiduciary duties, utilized the customer’s margin in an abusive manner, and placed unsuitable stock transactions in the customer’s account.
Since September 29, 2004, Duggins has been associated with ten different broker dealers, eight of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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