Due to the recommendation of excessive trading, the Financial Industry Regulatory Authority (FINRA) has put Tory A.Duggins Suspended for 18 Months。

Duggins first registered with FINRA as a General Securities Representative (GS) in September 2004。Between September 2004 and February 2016, Duggins registered as GS with FINRA through nine different member companies.。Since February 2016, Duggins has been registered as GS with FINRA through Spartan Capital Securities, LLC.。

From December 2016 to April 2022, Duggins made an inappropriate number of transactions in the accounts of eight clients.。His clients rely on his advice and often follow it, so Duggins exercises de facto control over their clients' accounts.。The Duggins transaction resulted in high cost-to-equity ratios and turnover rates, well above the traditional guidelines of 20% and 6%, respectively, and resulted in significant losses, as detailed below。

Specifically, Duggins' trading in eight client accounts resulted in an annualized cost-to-equity ratio of 58% to 289% and an annualized turnover rate of 14.36% to 63.24%, while incurring total transaction costs of $444,176, including commissions of $343,416, and resulting in total realized losses of $235,494。

In addition, Duggins intentionally failed to report a customer written complaint on its Uniform Application Form for Registration or Transfer of Securities Industry (Form U4) alleging a breach of the sale, in violation of Article V, paragraph 2, of the FINRA Bylaws and FINRA Rules 1122 and 2010.。

Duggins has agreed to be suspended for 18 months and may not be associated with any FINRA member in any capacity.。

He has filed a statement of financial status and has proven he is unable to pay。Given his financial situation, he was not fined.。