John Spyro Demertzis of East Setauket, New York, a stockbroker registered with LPL Financial LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $700,000.00 in damages based upon allegations that Demertzis made unsuitable recommendations in alternative investments, including real estate securities during the time that Demertzis was associated with LPL Financial LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 23-02057 (July 26, 2023).
The matter remains pending. According to Demertzis, he “den[ies] any allegations of wrongdoing in this complaint. Before [he] recommended the investments in question, [he] explained both the risks and the benefits of the investments in detail. Following those discussions, the customer decided that the investments fit within her overall portfolio and were appropriate given her investment objectives and risk tolerance. Although [he is] not personally named in this matter, [he] intend[s] to assist LPL in defending against these false allegations. The customer was advised and understood before the purchase that the investment was illiquid and could not be sold. The claim is also ineligible for arbitration pursuant to Code sec. 12206.”
This is not the first time that Demertzis has been referenced in a customer initiated investment related dispute concerning Demertzis’s conduct in the securities industry. FINRA Public Disclosure shows that Demertzis was also referenced in a customer initiated investment related complaint filed on March 3, 2000, in which the customer requested $7,889.41 in damages based upon allegations that when Demertzis was associated with Citicorp Investment Services, he told the customer that she could get an investment return with no risk and that the customer’s investment would be liquid. This complaint was denied by his employer.
On June 16, 2000, a different customer initiated investment related complaint involving Demertzis’s conduct was settled for $14,000.00 in damages based upon allegations that Demertzis recommended an investment that was not approved by Citicorp Investment Services
Demertzis has been associated with LPL Financial LLC in East Setauket, New York since October 28, 2010, as a stockbroker and since November 2, 2010, as an investment advisor representative.
