Last Updated: September 2023 (Tifton, GA)
Terry Tzagarakis Investigation Summary
Here’s what you need to know about Bay Ridge, NY, stockbroker Terry Tzagarakis:
- Name: Mr. Terry Tzagarakis
- Current Employer: Suspended by FINRA
- Previous Firms: Arive Capital Markets, Worden Capital Management (expelled by FINRA 2022), Spartan Capital Securities, John Thomas Financial(expelled by FINRA 2013)
- Function: Stock Broker/ Financial Advisor
- Aliases: Terry Rakis
- Primary Location: Bay Ridge, NY
- CRD 2796055
- Can Terry Tzagarakis be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Highest Settlement or Award: $1,275,869
- Has pending Customer Dispute: Yes – Seeks damages of $6.6 million
- Has outstanding liens/judgements: Yes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Terry Tzagarakis As Your Stockbroker?
Terry Tzagarakis has an extensive CRD CRD 2796055 disclosing 3 regulatory matters, 7 prior customer disputes, one currently pending customer dispute and 10 outstanding liens/judgments.
Here are the highlights:
- In 6/2023 a FINRA arbitration panel ordered Tzagarakis to pay $1,275,869 to customers of his former employer Spartan Capital Securities who brought an action for churning and unauthorized trading.
- Apparently Tzagarakis did not pay the award and in 9/2023 FINRA suspended him indefinitely from the industry.
- In 10/2022 FINRA had suspended Tzagarakis and ordered him to pay restitution of $246,780 for churning customer accounts at Spartan Capital Securities. FINRA found that Tzagarakis’ trading resulted in customers having high turnover rates from 17.3-33.4 and cost-to-equity ratios ranging from 67%-175% resulting in losses to these customers of more than $840,000. See this for a discussion of turnover rates and cost-to-equity ratios.
- In 9/2018 a customer of Spartan Capital Securities filed a FINRA arbitration alleging churning, unsuitable investment recommendations and unauthorized trading. The customer seeks damages of $6,645,956 in this currently pending matter.
- Of the 10 judgment/liens disclosed by Tzagarakis, 5 are for State and Federal taxes.
Allegations of Broker Misconduct Against Terry Tzagarakis
Customers of Terry Tzagarakis have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
- Churning (excessive trading)
- Unauthorized Trading
- Failure to enter Stop Loss
- Unauthorized Use of Margin Borrowing
- Exercise of Discretion without Written Authority
- Violations of FINRA Rule 2111 & FINRA Rule 2010
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Terry Tzagarakis, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
