Terry Tzagarakis (also known as Terry Rakis) of Bay Ridge, New York, a stockbroker formerly registered with Spartan Capital Securities, is referenced in a customer initiated investment related FINRA arbitration claim where the customer requested $1,240,169.28 in damages supported by accusations that between 2013 and 2021, the customer’s account had been churned. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02950 (December 10, 2021).
According to the claim, Tzagarakis made misrepresentations to the customer regarding private placement offerings and common and preferred stock. The claim also contains allegations of breach of fiduciary duty, unsuitable and unauthorized trading, breach of contract, and Spartan Capital Management’s failure to supervise.
Tzagarakis has been identified in seven additional customer initiated investment related disputes regarding accusations of his wrongdoing during the time that he was employed by Spartan Capital Securities, Investors Capital Corp, JP Turner Company, and John Thomas Financial. FINRA Public Disclosure shows that a customer initiated investment related arbitration claim regarding Tzagarakis’s activities was resolved for $22,500.00 in damages founded on allegations of options transactions that resulted in investment losses.
Tzagarakis is identified in a different customer initiated investment related written complaint in which the customer sought $6,700.00 in damages based upon accusations that unsuitable and unauthorized stock trades were effected by Tzagarakis at Investors Capital Corp. The claim also alleges churning of the customer’s account.
Another customer filed an investment related complaint concerning Tzagarakis’s conduct where the customer requested $28,173.00 supported by allegations that unauthorized and excessive trading by Tzagarakis at John Thomas Financial resulted in damages to the customer.
An additional customer initiated investment related complaint involving Tzagarakis’s activities was settled for $6,000.00 founded on accusations that Tzagarakis used margin without authorization in relation to stock transactions while he was registered with Spartan Capital Securities LLC, resulting in damages to the customer.
On September 27, 2018, another customer filed an investment related arbitration claim regarding Tzagarakis’s conduct in which the customer sought $6,645,956.00 in damages based upon allegations of unsuitable trading and churning by Tzagarakis during the time that he was employed by Spartan Capital Securities. FINRA Arbitration No. 18-03407. According to the claim, Tzagarakis made unauthorized transactions in the customer’s account.
Tzagarakis has been fined $5,000.00 and suspended for three months from associating with any FINRA member in any capacity supported by findings that he failed to timely disclose tax liens. Letter of Acceptance, Waiver, and Consent No. 2019061510101. Tzagarakis violated FINRA Rules 1122 and 2010.
Tzagarakis was associated with Spartan Capital Management between January 10, 2013, and April 6, 2020, Worden Capital Management LLC between March 6, 2020, and May 6, 2020, and Arive Capital Markets between May 29, 2020, and January 4, 2021.
