Broker Misconduct Lawyers

Shepherd Smith Edwards and Kantas Broker Misconduct Lawyers Are Investigating Ex-Spartan Capital Securities Broker Tory Duggins

NY Financial Advisor Accused of Excessive Trading and Reg Best Interest Violations

Our broker misconduct lawyers are looking into claims of portfolio losses by investors who worked with former Spartan Capital Securities stockbroker Tory Duggins. The New York financial advisor was suspended for 18 months by the Financial Industry Regulatory Authority (FINRA) in January 2024 following allegations that he willfully violated Regulation Best Interest obligations after purportedly excessively trading in the accounts of customers, some of whom were elderly seniors.

According to FINRA’s findings, because Duggins’ customers depended on his advice and regularly followed his recommendations, he had de facto control over their accounts. This allegedly involved him taking part in quantitatively unsuitable trading in eight customer accounts. The purported result was high cost-to-equity ratios of 58% to 289% and annualized turnover rates of 14.36 to 63.24, which far exceed traditional guideposts. Total trading costs were $444,176 and commissions earned were $343,416. Meanwhile, the total investor losses were $235,494.

The suspended financial advisor accepted and consented to FINRA’s findings without admitting to or denying them. According to Tory Duggin’s CRD, he has multiple disclosures on record including a number of judgments/liens and customer disputes by investors alleging improper margin use, unauthorized trading, churning, and/or excessive commissions.

Shepherd Smith Edwards and Kantas Broker Misconduct Lawyers (investorlawyers.com) want to talk to you if you suffered serious portfolio losses while working with Spartan Capital Securities broker Tory Duggins. Under Regulation Best, brokerage firms and their associated persons owe a duty of care to engage in proper due diligence so as to ensure that transactions they recommend to retail investors are in the latter’s best interest. When a financial advisor neglects to fulfill this obligation, and serious investment losses result, the stockbroker and their firm could be held liable.

Why You Need To Work With Savvy Broker Misconduct Lawyers

Determining whether broker wrongdoing was involved in an investor’s losses can be difficult, which is why availing of your free, no-obligation case assessment with us will help. If we do determine that you have grounds for an investment loss recovery lawsuit, this is not a legal claim you want to pursue without seasoned securities lawyers by your side.

For most retail investors, especially elderly seniors, sustaining portfolio losses can lead to devastating consequences. Fortunately, FINRA arbitration, which is where most disputes against brokerage firms and their registered representatives are brought these days, can allow you to pursue damages for your losses.

Unfortunately, best-interest violations do happen. You want to work with skilled Reg BI investment loss recovery attorneys who know how to sue your financial advisor and/or their firm on your behalf.

Brokerage firms have a duty to properly supervise their customers and ensure that financial advisor misconduct, negligence, or fraud is not occurring in client accounts. Keep in mind that even if FINRA or another regulator decides to file charges against the broker, this does not necessarily mean you will be recouping your losses. Filing your own FINRA lawsuit, however, can maximize your chances for a full recovery.

Contact Us If You Suffered Serious Portfolio Losses While Working With Former Financial Advisor Tory Duggins 

Our trusted Broker Misconduct Lawyers have the knowledge, skills, and resources to take on even the largest Wall Street firms.

Call (800) 259-9010 today.