Investor Alleges Thomas Duggan Recommended Unsuitable Investments

Thomas Duggan (CRD #: 2757615), a broker formerly registered with Aegis Capital Corporation, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on December 15, 2022. Keep reading if you have questions about his alleged conduct as a broker.

Investor Disputes

On November 22, 2022, an investor filed a dispute alleging Thomas Duggan made unsuitable investment recommendations. This dispute is currently pending.

In a dispute filed on January 27, 2020, an investor named Thomas Duggan in allegations involving common law fraud, elder abuse, breach of contract, gross negligence, and the unsuitability of investments. The client alleged this misconduct occurred between June 2017 and August 2019. They sought $1,079,155.08 in damages and received a settlement of $145,000.

On January 10, 2019, an investor alleged that Thomas Duggan breached his contract and made misrepresentations between June 2017 and the date of filing. The client sought $80,000 and received a settlement of $70,000.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must consult the investor’s profile, which describes their tax status, risk tolerance, and other characteristics.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other fraudulent tactics to influence investors’ decisions. This includes misrepresentation of an investment’s features, risks, or potential returns.

What is broker negligence?

Brokers may act in many negligent ways. Common forms of misconduct include giving unsuitable investment recommendations, misrepresenting or omitting material facts, and executing unauthorized trades.

Investors who feel their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Criminal Charge

On June 8, 2022, Thomas Duggan was subject to a criminal charge.

Background Information

Thomas Duggan has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He previously worked for the following firms:

• Aegis Capital Corporation (CRD#:15007)
• Maxim Group (CRD#:120708)
• Investec Ernst & Company (CRD#:266)
• Royce Investment Group (CRD#:10494)

Kurta Law Can Help

If you worked with Thomas Duggan and you 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 and 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.