Tory Duggins: Spartan Advisor Named in FINRA Complaint

Former New York City financial advisor Tory Duggins (CRD# 4556340) has been named in a pending enforcement action alleging that he violated industry rules. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Spartan Capital Securities.

A FINRA disciplinary proceeding (No. 2025084815701) describes the regulator’s complaint against Mr. Duggins. Filed in January 2026, it alleges that he failed to provide on-the-record testimony requested as part of a FINRA investigation into allegations of churning and excessive trading against him. He allegedly “initially cooperated with that investigation,” which concerned alleged trades in customer accounts at Spartan Capital between 2022 and 2024, but ultimately did not appear for testimony at the requested dates. FINRA alleges that his refusal potentially violates FINRA Rules 8210 and 2010, seeking sanctions against him. The complaint is still pending.

Mr. Duggins’ BrokerCheck report discloses a prior FINRA sanction against him. Filed in 2024, it alleged that he violated Regulation Best Interest by “recommending a series of excessive trades to customers, some of whom were seniors.” The alleged trades resulted in more than $250,000 in losses and $444,176 in trading costs, including a sum of $343,416 in commission payments. “Duggins’ trading was excessive, unsuitable, and not in the best interest of the customers given their investment profiles,” the disclosure states, adding that Mr. Duggins allegedly “willfully failed to report a written customer complaint alleging a sales practice violation on his Form U4.” As a result of these findings, he was issued an 18-month suspension from registering with any broker-dealer firm.

According to the Financial Industry Regulatory Authority, Tory Duggins holds 19 years of securities industry experience. Most recently based in New York City, he was last registered as a broker with Spartan Capital Securities from 2016 until 2024. His registration history includes 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. His credentials include the passage of three securities industry qualifying exams:

the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the General Securities Representative Examination, or Series 7. He is not currently licensed as a broker. (Information current as of January 24, 2026.)

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