Richard Guy Duncan, Formerly of Ausdal Financial Partners, Named in Customer Disputes Alleging Recommendation of Unsuitable Investments

INVESTORS: Former Ausdal Financial Partners broker Richard Guy Duncan was named in customer disputes alleging recommendation of unsuitable investments.

Richard Guy Duncan (CRD#:73262) was registered as an investment adviser with Ausdal Financial Partners from 2017 until 2019. Previously, Duncan was registered with Bradway Financial from 2009 until 2017. 

Duncan has four disclosures on his BrokerCheck report. 

March 2022 Customer Dispute

Status: Pending

Allegations: Unsuitable investments

Damage Amount Requested: $1,500,000.00

July 2020 Customer Dispute

Status: Pending

Allegations: Unsuitable investments

Damage Amount Requested: $405,045.00

August 2019 Civil Judgment

Status: Final

Initiated By: United States Securities and Exchange Commission

Allegations: SEC Litigation Release No. 24558 / August 12, 2019: The Securities and Exchange Commission filed an enforcement action on August 12, 2019 in federal court in Springfield, Massachusetts, charging investment adviser Richard G. Duncan, with defrauding two advisory clients who were retail investors by persuading them to invest over $300,000 in an apparent scam originating in Turkey. According to the Commission’s complaint, Duncan violated his fiduciary duty as an investment adviser by ignoring, and failing to disclose, warnings from two banks that the Turkish investment opportunity was probably a scam. Duncan also made materially false and misleading statements to at least one client, promising as much as a 100% return on the Turkish investment. The Commission’s complaint alleges that Duncan violated the antifraud provisions of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940.

Resolution: Judgment Rendered

Sanctions: Civil and Administrative Penalty(ies)/Fine(s)

Sanctions: Disgorgement

Amount: $104,080.00

Sanctions: Monetary Penalty other than Fines

Sanctions: Injunction

March 2019 Employment Separation After Allegations

Firm Name: Ausdal Financial Partners, Inc.

Termination Type: Discharged

Allegations: Failure to follow firm policies and procedures regarding loans with clients and lack of timely notification of a break-in at his branch office. (Mr. Duncan’s registration with the firm was advisory only.)

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