John Terzis Investigation
June 2023-Skokie, IL
According to publicly available records John Terzis a former broker who last worked for LPL Financial Services , discloses a final regulatory matter resulting in a permanent bar from the industry, prior customer disputes and a pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 12/2022, without admitting or denying the findings, Terzis consented to the sanction and to the entry of findings that pursuant to a ten-year written promissory note, he
borrowed $200,000 from one of his customers, a 69-year-old senior who had health issues, without first notifying or obtaining approval from his member firm. The findings stated that to facilitate the borrowing, Terzis assisted the customerwith transferring funds to her personal bank account. For almost two years Terzis made monthly payments on the loan but ceased making payments thereafter. Given his financial circumstances at the time he borrowed the money, Terzis did not have a reasonable expectation of being able to repay the loan in full. In addition, Terzis falsely stated in response to a firm compliance questionnaire that he had not issued or participated in any promissory notes outside of the firm and had not solicited clients to lend funds. FINRA permanently barred Terzis from the industry.
In 12/20021, an LPL Financial customer alleged misappropriation of funds with alleged damages of $200,000. This case is pending.
In 2/2022, LPL Financial discharged Terzis in response to allegations that he failed to timely disclose a loan arrangement with customer to firm.
Terziz was registered with LPL Financial from 3/2008 to 3/2022.
If you have suffered losses in an account handled by John Terzis, contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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