National investment loss lawyers KlaymanToskes is investigating broker John Demertzis (CRD# 2690132) of Avantax Investment Services, and formerly of LPL Financial.
According to FINRA BrokerCheck, broker John Demertzis, formerly of LPL Financial, has been involved in several investor complaints. The complaints allegedly related to unsuitable recommendations to invest in alternative investments. One of the complaints was settled in favor of the investors for $200,000. Demertzis is currently registered as a broker with Avantax Investment Services in East Setauket, NY.
Investors that suffered losses with broker John Demertzis are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, broker John Demertzis has been involved in several customer complaints. Demertzis was registered as a broker with LPL Financial from 2010 to October 2024, in East Setauket, NY. One of the customer complaints filed has been settled in favor of the customers for $200,000. The complaint alleged that between 2016 and 2023, the representative made unsuitable recommendations that the customer purchase and hold certain alternative investments.
A second customer complaint filed in May 2024 alleged recommendations to invest in alternative investments which were unsuitable for the customer’s investment objectives and risk tolerance. This second investor complaint was reportedly withdrawn. The broker’s comment listed on the disclosure states that the client was included in a case filed against the representative’s brokerage firm, LPL Financial, by a number of dissatisfied investors in a health care real estate income trust.
The broker’s comment further states “The client made his investment in the real estate income trust nearly a decade ago using proceeds from the liquidation of a similar investment he purchased previously. The client invested a total of $30,000, a very small portion of his liquid assets, which was well within LPL’s alternative investment limits. The client understood that, while the investment was not liquid, it was intended to provide diversification from his other investments. While, unfortunately, the investment ultimately did not perform as we had expected and is currently down from his initial investment, the investment was suitable based on the information that was known at the time of my recommendation. I am pleased that the client has decided to withdraw his claim against LPL Financial.”
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker John Demertzis, or have concerns regarding your investment portfolio at LPL Financial, Avantax Investment Services, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.