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 from an elderly customer. Letter of Acceptance, Waiver, and Consent No. 2022073846901 (December 23, 2022).
According to the AWC, in December 2019, during the time that he was associated with LPL Financial, LLC, without first notifying or getting approval from his firm, Terzis borrowed $200,000.00 from an elderly customer with health issues. To “facilitate” the “borrowing,” Terzis assisted the customer with transferring funds to her personal bank account. 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.
Additionally, Terzis also falsely stated on a firm compliance questionnaire that he had not participated in or issued any promissory notes outside of his firm. Therefore, Terzis violated FINRA Rules 2010 and 3240.
FINRA Public Disclosure shows that Terzis is referenced in two other customer initiated investment related disputes concerning Terzis’ conduct while associated with securities broker dealers. On June 1, 2005, a customer filed an investment related complaint involving Terzis’ conduct in which the customer requested $6,500.00 in damages based upon allegations that Terzis engaged in unsuitable trading in variable annuities when Terzis was associated with Marketing One Securities Inc.
On December 16, 2021, another customer, ostensibly the elder customer that was the subject of the enforcement action, filed an investment related complaint involving Terzis’ conduct in which the customer requested $200,000.00 in damages based upon allegations that Terzis misappropriated funds the customer’s funds when Terzis was associated with LPL Financial. However, LPL Financial did not discharge Terzis until March of 2022.
