Tory Duggins Suspended by FINRA
Tory Duggins (CRD #: 4556340) has been suspended by FINRA. This is according to his BrokerCheck record, accessed on March 25, 2024. Investors should be aware that there are other disclosures on his record, including regulatory actions, customer disputes, and tax liens.
FINRA Suspension
On January 19, 2024, Tory Duggins entered into an Acceptance, Waiver, and Consent agreement (AWC) in which he consented to the findings that he violated Regulation Best Interest when he engaged in excessive trading. According to the AWC, some of the investors who suffered losses were seniors.
The AWC further alleges that his excessive trading generated trading costs that totaled $444,176, including $343,416 in commissions for himself and $235,494 in total realized losses for investors.
In related allegations, a customer allegedly emailed Tory Duggins a complaint related to his excessive trading that he did not forward to his member firm’s compliance department as required by firm policicies.
Terms of the AWC
As part of the terms of the AWC, Tory Duggins consented to an 18-month suspension. In light of his financial status, no monetary sanction was imposed.
You can read a copy of the AWC here.
What is Regulation Best Interest?
Regulation Best Interest expands on the requirements of FINRA Rule 2111, which defines suitable investment recommendations. Under Regulation Best Interest, brokerage firm representatives are required to limit their recommendations to investments that suit their investors’ needs.
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.”
Tax Liens
Tory Duggins is the subject of six tax liens that total approximately $413,470.87.
Background Information
Tory Duggins has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
During his 19 years of experience, Tory Duggins has registered with ten firms. These are the four most recent:
- Spartan Capital Securities (CRD #: 146251)
- Avenir Financial Group (CRD #: 148490)
- National Securities Corporation (CRD #: 7569)
- VFinance Investments (CRD #: 44962)
Kurta Law Can Help
If you have worked with Tory Duggins and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.
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