Michael Dugan Facing a Seven-Month FINRA Suspension Following Allegations

Michael Dugan (CRD #: 2824966), a broker previously registered with Alexander Capital, is the subject of two regulatory actions. This is according to his BrokerCheck record, accessed on August 4, 2025. Keep reading if you have questions regarding his alleged conduct. 

Regulatory Actions 

On May 1, 2025, Michael Dugan consented to a seven-month suspension in Maryland following allegations that he engaged in excessive trading in reitree accounts. 

On April 1, 2025, Michael Dugan entered into an Acceptance, Waiver, and Consent agreement (AWC), in which he consented to the findings that he engaged in excessive trading. 

• Customer A’s account allegedly generated $118,905 in commissions and $63,111 in realized losses. 
• Customer B’s account allegedly generated $24,312 in commissions and $153,661 in realized losses. 

As part of the terms of the AWC, Michael Dugan consented to a seven-month suspension. You can read a copy of the AWC here. 

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Background Information 

Michael Dugan has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination  

He has registered with the following firms since 2014: 

• Alexander Capital L.P. (CRD #: 40077) 
• Craft Capital Management (CRD #: 171350)
• Spartan Capital Securities (CRD #: 146251) 
• Avenir Financial Group (CRD #: 148490) 
• Chelsea Financial Services (CRD #: 47770)

Kurta Law Can Help

If you worked with Michael Dugan and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.