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FINRA Bars Ex-LPL Broker John N. Terzis for Borrowing $200k from Investor

January 4, 2023

LPL Broker, John N. Terzis, Terminated and Barred for Failing to Report and Repay Loan from Elderly Customer

National investment fraud lawyers KlaymanToskes is investigating former LPL Financial broker John Nicholas Terzis (CRD# 1805020) after FINRA (“Financial Industry Regulatory Authority”) permanently barred him for accepting a loan from a customer without first notifying or obtaining his firm’s approval.

On December 23rd, 2022, FINRA’s Department of Enforcement entered into an Acceptance, Waiver, and Consent (“AWC”) with John Nicholas Terzis, disclosing that the former broker borrowed $200,000 from one of his customers in December, 2019, without notifying or obtaining approval from his former firm, LPL Financial. The client was a 69-year-old senior with health issues who was solicited by Terzis when he assisted her with transferring funds to her personal bank account.

Customers who suffered investment losses with John Nicholas Teriz and/or LPL Financial’s Skokie, IL branch are encouraged to contact attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com to learn about recovery options. Depending on your circumstances, you may be entitled to recover losses through FINRA arbitration.

In accordance with the terms of the 10-year promissory note, Terzis made monthly payments on the loan between February 2020 and December 2021, but ceased making payments thereafter. According to the AWC, “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, in response to a firm compliance questionnaire in October, 2020, Terzis falsely stated that he had not issued or participated in any promissory notes outside of LPL Financial.

Although Terzis was terminated from his former firm, LPL Financial, on March 11th, 2022, for failure to timely disclose the loan arrangement with the firm, the AWC states that FINRA retains jurisdiction over him pursuant to the By-Laws stated in Article V, Section 4.

See Related Blog Post:

“Notice to LPL Financial Customers: LPL Fined 150k for failure to to supervise Rhett Bedwell”

How Can I Recover My Losses?

Customers of John Nicholas Terzis that suffered investment losses are encouraged to contact securities attorney Lawrence L. Klayman to learn about recovery options at (888) 997-9956 or lklayman@klaymantoskes.com.

Consultations are free and every case is taken on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com