Timothy Patrick Higgins of Garden City, New York, a stockbroker formerly registered with Spartan Capital Securities, has been charged in a Complaint in which Financial Industry Regulatory Authority (FINRA) Department of Enforcement alleges that Higgins failed to cooperate with a FINRA investigation on two separate occasions relating to Higgins’ potential excessive and unsuitable trading of customer accounts. Department of Enforcement v. Timothy Patrick Higgins, Disciplinary Proceeding File No. 2018056490303 (June 17, 2022).
According to the Complaint, Higgins’ trading in customer accounts was the focus of FINRA’s investigation. FINRA tried to determine if Higgins excessively traded between January 2017 and August 2019.
The complaint alleges that Higgins was asked on March 29, 2022, to make an appearance at FINRA’s office to testify about his trading. Higgins allegedly never appeared.
A second request for Higgins’ testimony was made by FINRA on May 3, 2022. Higgins allegedly did not respond to that request either. The regulator states that Higgins’ failure to testify stalled the investigation into his trading. Department of Enforcement contends that Higgins violated Rules 2010 and 8210.
This is not the first time that Higgins faced disciplinary action from a regulator. He has been censured by State of Missouri based upon allegations of Higgins’ failure to disclose customer complaints timely when he was employed by Continental Broker dealer Corp.
Higgins has been identified in nine customer initiated investment related disputes concerning allegations of his activities while employed by securities broker dealers, including Continental Broker dealer Corp and Spartan Capital Securities. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim regarding Higgins’ conduct was settled to resolve accusations that Higgins made unsuitable trades involving over-the-counter equities while he was registered with Continental Broker dealer Corp.
Another customer initiated investment related FINRA securities arbitration claim involving Higgins’ activities was resolved for $250,000.00 in damages founded on allegations of unsuitable trading by Higgins at Continental Broker dealer Corp. Higgins is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $130,000.00 in damages supported by alleged sales practice violations at Continental Broker dealer Corp.
Higgins is also identified in a customer initiated investment related FINRA securities arbitration claim which was resolved for $9,000.00 in damages based upon accusations that the customer was inappropriately sold class B mutual fund shares.
Another customer initiated investment related FINRA securities arbitration claim regarding Higgins’ conduct was settled for $45,000.00 in damages founded on allegations of unauthorized and excessive trading of both options and stocks when Higgins was employed by Spartan Capital Securities. FINRA Arbitration No. 18-03892 (May 7, 2020). The claim also contains accusations of unsuitable trading and breach of contract resulting in damages.
Higgins was associated with Spartan Capital Securities between April 24, 2015, and July 7, 2020.