Richard Guy Duncan (also known as Rick Duncan) of East Longmeadow Massachusetts an investment adviser representative of Ausdal Financial Partners Inc. is the subject of a customer initiated investment related written complaint on July 20, 2020 where the customer requested $405,045.00 in damages based upon allegations that the customer had been placed into unsuitable securities because of Duncan’s selling away activities while registered with Ausdal Financial Partners.
Securities and Exchange Commission (SEC) and FINRA Public Disclosure reveals that Duncan has been charged by SEC with defrauding two investors who had been steered by him towards collectively investing $300,000.00 in an overseas investment scam. Civil Action No. 1:19-cv-11735.
According to the Complaint, Duncan breached his fiduciary duty to the customers through failing to tell them about the risks pertaining to an investment opportunity. Duncan allegedly ignored two banks’ warnings concerning the investment opportunity too. SEC also alleges that one customer received misleading and false statements from Duncan about the investment opportunity. Duncan allegedly told the customer that they would receive a 100 percent return on their investment. SEC alleges that Duncan violated Investment Advisors Act of 1940 Section 206(1) and 206(2).
Duncan was discharged by Ausdal Financial Partners on April 4, 2019 supported by accusations of him entering into loan arrangements with customers of Ausdal Financial Partners.
