According to FINRA, Tory A. Duggins was named as a respondent in a FINRA complaint filed in January 2026, alleging that he failed to provide on-the-record testimony requested by FINRA as part of an investigation into whether he churned and excessively traded customer accounts. This is an unadjudicated complaint—findings have not been made, and FINRA advises that readers may wish to contact the respondent before drawing any conclusions regarding the allegations.According to the complaint, Duggins initially cooperated with FINRA's investigation, producing documents including financial statements in response to a request. However, he subsequently failed to appear for on-the-record testimony on three separate occasions and did not contact FINRA to reschedule or provide an explanation for his absences. The testimony requested of Duggins was described as material to FINRA's investigation into his potential misconduct.Churning—also known as excessive trading—is one of the most harmful forms of broker misconduct. It occurs when a broker makes frequent, unnecessary trades in a customer's account primarily to generate commissions, rather than to further the customer's investment objectives. Churning can erode a customer's portfolio through accumulated transaction costs and taxes, and it represents a fundamental breach of the duty a broker owes to clients. FINRA has a formal investigation process for examining whether trading patterns in customer accounts are consistent with legitimate investment strategies or suggest churning.Refusing to appear for on-the-record testimony after initially cooperating is itself a potential violation of FINRA Rule 8210, which requires all registered persons to cooperate with FINRA's regulatory oversight process. The complaint reflects FINRA's intent to formally adjudicate both the underlying alleged misconduct and Duggins' refusal to testify.For investors, this case is a reminder to regularly review brokerage statements for excessive trading activity. High turnover rates, frequent purchases and sales of similar securities, and unusually high commissions relative to account value are potential signs of churning. Investors who suspect excessive trading should file a complaint with FINRA and consider consulting an attorney or their state securities regulator.