John Nicholas Terzis of Skokie, Illinois, a stockbroker registered with LPL Financial LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Terzis borrowed customer funds. Letter of Acceptance, Waiver, and Consent No. 2022073846901 (December 23, 2022).
According to the AWC, Terzis borrowed $200,000 from an elderly customer with health issues, without informing his company or getting approval.
FINRA stated that Terzis helped the customer relocate money to her personal bank account to facilitate the loan. He made monthly payments for almost two years but stopped afterward.
FINRA found that Terzis did not expect to fully repay the loan due to his financial situation when he borrowed from the customer. He also lied on a compliance questionnaire, stating that he did not issue or take part in any promissory notes away from his company or otherwise asked customers for loans. Therefore, Terzis violated FINRA Rules 2010 and 3240.
Public Disclosure shows that Terzis is also referenced in a customer initiated investment related complaint filed on June 1, 2005, in which the customer requested compensatory damages based upon allegations that Terzis made unsuitable recommendations of variable annuities when Terzis was registered with Marketing One Securities Inc. The securities broker dealer denied the complaint.
It appears that the loan from an elderly customer was uncovered when the customer initiated an investment related complaint filed on December 16, 2021, in which the customer requested $200,000.00 in damages based upon allegations that Terzis misappropriated the customer’s funds when Terzis was registered with LPL Financial LLC. Terzis was terminated less than three months later.
Terzis was registered with LPL Financial LLC as a stockbroker between March 4, 2008, and March 11, 2022. Terzis was discharged by LPL Financial LLC on February 15, 2022, because he failed to properly disclose a loan agreement with a customer to the securities broker dealer.
