Haselkorn & Thibaut has opened an investigation into Tory Duggins, Spartan Capital Securities Financial Advisor in New York, NY. If you have invested with Tory Duggins (CRD# 4556340) or Spartan Capital Securities and are concerned about your investment losses or how your account was managed, this comprehensive report is for you. At Haselkorn & Thibaut, our mission is to provide investors with the clarity and support they need—every step of the way.
Who is Tory Duggins?
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Tory Duggins is a former financial advisor and registered representative who was last registered with Spartan Capital Securities in New York City. With a career spanning nearly two decades, Mr. Duggins has worked at several well-known brokerage firms and has been involved in complex customer accounts, focusing mainly on retail investors.
- CRD Number: 4556340
- Latest Broker-Dealer: Spartan Capital Securities (2016–2024)
- Work Location: New York, NY
- Prior Employment: Avenir Financial Group, National Securities Corporation, VFinance Investments, Brill Securities, Maximum Financial Investment Group, Prestige Financial Center, Great Eastern Securities, Mercer Capital, and Meyers Associates.
- Licensing: Series 7, Series 63, Securities Industry Essentials (SIE)
Tory Duggins is not currently licensed with any broker-dealer.
Current Regulatory Actions Involving Tory Duggins
FINRA Pending Enforcement Action
As of January 2026, Tory Duggins is the subject of a pending enforcement action (No. 2025084815701) brought by the Financial Industry Regulatory Authority (FINRA). This complaint alleges Mr. Duggins failed to provide required on-the-record testimony during a FINRA investigation related to alleged churning and excessive trading of customer accounts at Spartan Capital Securities between 2022 and 2024.
- He allegedly began cooperating but did not appear for scheduled testimony dates.
- FINRA alleges this may violate FINRA Rules 8210 and 2010, which are designed to ensure full cooperation with regulatory investigations.
- FINRA seeks sanctions; this matter remains pending as of January 2026.
Why Is This a Concern for Investors? If proven, failing to provide testimony as required by FINRA is a serious breach of industry regulations. When a representative does not fully cooperate with investigations into their business practices, it may signal broader issues in how they manage client accounts.
Detailed Review of Complaints and Regulatory Disclosure
Prior FINRA Sanction (2024)
Mr. Duggins’ record discloses a previous action by FINRA from 2024. This sanction arose from findings that he recommended a series of excessive trades—including to senior customers—that resulted in substantial customer losses and costs.
- Losses to Clients: More than $250,000
- Trading Costs: $444,176 (including $343,416 in commissions)
- Violations: Excessive and unsuitable trading, and recommendations not in the customer’s best interest (violation of Regulation Best Interest)
- Additional Finding: Willful failure to report a written customer complaint regarding alleged sales practice violations
- Sanction: 18-month suspension from registering with any broker-dealer
Summary Table: Known Complaints and Regulatory Actions
| Date | Allegation | Outcome |
|---|---|---|
| 2024 | Excessive and unsuitable trading; willful failure to report a customer complaint | 18-month suspension |
| 2026 (Pending) | Failure to appear for required testimony in FINRA investigation (churning, excessive trading) | Pending — Sanctions sought |
BrokerCheck, SEC, and Legal Filings: What Else Do We Know?
A detailed search of BrokerCheck, the SEC’s EDGAR system, and federal and state court records shows:
- As of June 2024, no complaints, arbitrations, or lawsuits involving Tory Duggins were reported in FINRA’s public BrokerCheck database.
- No enforcement actions by the SEC have been recorded, nor federal or state lawsuits or judgments involving Mr. Duggins’ activities as a broker or advisor.
- No bankruptcies, liens, or financial disclosures reported.
For the most current information, always consider visiting BrokerCheck directly and reviewing updates.
What Does This Mean for Investors of Spartan Capital Securities and Tory Duggins?
If you are a current or former client of Tory Duggins or Spartan Capital Securities and experienced suspicious trading activities, high transaction costs, or unexplained losses, you may have options for recovery.
Multiple regulatory disclosures and pending investigations raise significant red flags for investors, especially regarding whether trades in your account were excessive, unsuitable, or not in your best interest. These can be warning signs of churning—when an advisor excessively buys and sells for the purpose of generating commissions rather than benefitting the customer.
Every investor’s situation is unique. If you suspect wrongdoing or have suffered unexpected losses, prompt action preserves your rights and potential for recovery.
Why Investors Contact Haselkorn & Thibaut
Haselkorn & Thibaut (investmentfraudlawyers.com) is a nationally recognized law firm focusing exclusively on representing investors. With more than 50 years of experience, a 98% success rate, and millions recovered, our attorneys understand how to pursue claims against financial advisors and broker-dealers. We handle claims on a contingency fee basis – no recovery, no fee.
- Free, confidential case review
- Direct, honest advice from experienced securities attorneys
- Guidance through every step of the recovery process
If you have concerns regarding your investments with Tory Duggins or Spartan Capital Securities, contact Haselkorn & Thibaut at 1-888-885-7162 today for a free consultation. There’s no obligation, and your case will be reviewed by professionals who put your interests first.
Take the next step: Protect your financial future and gain peace of mind. Call 1-888-885-7162 to speak with the Haselkorn & Thibaut team—your trusted partner in investment loss recovery.
