Former LPL Financial LLC broker John Terzis (CRD# 1805020) regarding was barred by FINRA related to misappropriation of client funds. He was registered with LPL Financial LLC in Skokie, Illinois, from 2008 to 2022, when he was terminated regarding, “Failed to timely disclose loan arrangement with customer to Firm.”
In December 2022, FINRA barred him after he “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.” According to the FINRA findings, he assisted the customer with transferring funds to her personal bank account to help facilitate the borrowing. FINRA found that he made monthly payments to pay off the loan for two years, but then ceased making payments. FINRA found that he “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.”
John Terzis Customer Complaints
He has been the subject of two customer complaints between 2005 and 2021, one of which was denied, according to his CRD report.
December 2021. “Through attorney, client alleges misappropriation of funds in excess of $5k; Time period of claim: 12/19/2019- 01/06/2020.” The customer is seeking $200,000 in damages, and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, LPL Financial LLC may be liable for investment or other losses suffered by John Terzis’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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