Former Fresno financial advisor Steven Hirata (CRD# 1188927) was recently sanctioned by the Financial Industry Regulatory Authority for allegedly refusing...Read More
Eric Duncan: $1.3 Million Complaint Against Team Duncan Advisor
Denver financial advisor Eric Duncan (CRD# 4168496) recently received an investor complaint alleging that his investment advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Moloney Securities, doing business as Team Duncan Financial.
Mr. Duncan’s BrokerCheck report discloses one investor complaint. Filed in May 2022, it alleges that as a representative of Moloney Securities, he recommended unsuitable corporate bond products and acted negligently. The pending complaint alleges damages of $1,331,000. In a statement on the disclosure, Mr. Duncan defended himself against the allegations, writing: “I refute the allegations of the claims.”
One of many industry guidelines protecting investors is FINRA’s suitability standard. As laid out in FINRA Rule 2111, the standard provides that brokers and broker-dealer firms must “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.” Brokers who lack this reasonable basis, or who otherwise recommendation investments and/or strategies that aren’t suitable for their customers, are considered to have violated Rule 2111 and may be liable for damages in the event of losses.
According to the Financial Industry Regulatory Authority, Eric Duncan holds 20 years of securities industry experience. Based in Denver, he has been a broker with Moloney Securities since 2004 and an investment advisor with Moloney Securities Asset Management since 2016, doing business as Team Duncan Financial. His past registrations include E*Trade Securities (Jersey City, New Jersey; 2002), Quick & Reilly (New York, New York; 2001), and Stifel Nicolaus & Company (St. Louis, Missouri; 2000-2001). His credentials include the passage of four securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 26 state licenses. (Information current as of July 28, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.