Tory A. Duggins (CRD #4556340, Bronx, New York)

January 19, 2024 – An AWC was issued in which Duggins was suspended from association with any FINRA member in all capacities for 18 months. In light of Duggins’ financial status, no monetary sanction has been imposed. Without admitting or denying the findings, Duggins consented to the sanction and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1 of the Exchange Act (Regulation BI) by recommending a series of excessive trades to customers, some of whom were seniors. The findings stated that Duggins’ customers relied on his advice and routinely followed his recommendations and, as a result, he exercised de facto control over the customers’ accounts. Duggins’ trading resulted in high cost-to-equity ratios and turnover rates that were well above the traditional guideposts of 20 percent and six, respectively, as well as significant losses. Specifically, Duggins’ trading in the customers’ accounts generated total trading costs of $444,176, including $343,416 in commissions, and caused $235,494 in total realized losses. Duggins’ trading was excessive, unsuitable, and not in the best interest of the customers given their investment profiles. The findings also stated that Duggins willfully failed to report a written customer complaint alleging a sales practice violation on his Form U4. One of the customers sent Duggins an email complaining that he excessively traded the customer’s account and seeking $17,500 in compensatory damages. Duggins received and read the email but did not forward the customer complaint to his member firm’s compliance department as required by the firm’s policies. The suspension is in effect from February 20, 2024, through August 19, 2025. (FINRA Case #2018056490309)