In the complex world of finance, allegations and disputes can wreak havoc on both professionals and investors. East Setauket-based financial advisor John Demertzis has found himself at the center of such an issue.
Notorious Investment Advisor Under the Microscope
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John Demertzis has lately attracted attention following a complaint lodged by an investor. The complainant suggests that his recommendation led to damages deep into the six figures. Demertzis’ advisory role as a broker and investment consultant with renowned company LPL Financial is further detailed. Prior to this, his services were linked with Chase Investment Services, according to records maintained by the Financial Industry Regulatory Authority.
A view into Demertzis‘ BrokerCheck dossier exposits a catalog of various investor grievances. The latest of these complaints tracked back to July 2023, advances accusations of his role as a representative of LPL Financial, extending inappropriate investment counsel surrounding real estate securities. The damages being claimed in this unresolved complaint are estimated to be a staggering $700,000.
Demertzis, responding to the allegations leveled against him, ardently denies his involvement. His official statement reasserts, “Before I recommended the investments in question, I explained both the risks and the benefits of the investments in detail.”
He further argues that even though he was not personally named in the complaint, he is proactive in aiding LPL in its defense against this charge. Demertzis maintains that his client was briefed and comprehended the investment’s illiquid aspect before proceeding with the purchase.
The Ghosts of Past Accusations
It’s no secret that prior allegations have plagued Demertzis. A filed investor complaint from 2001 persists in his record. As a representative of Citicorp Investment Services, he was accused of recommending an unapproved variable annuity product. This dispute was eventually settled at $14,000.
Lasting in the Securities Industry
While the allegations remain a sticking point, what is not disputable is Demertzis‘ extensive experience. The Financial Industry Regulatory Authority records a solid 27 years of securities industry experience. Based in East Setauket, New York, he has held a dual role as a broker and an investment advisor with LPL Financial since 2010.
His previous associations stretch across corporations, including Chase Investment Services, HSBC Securities, UBS Financial Services, Citicorp Investment Services, Dean Witter Reynolds, RTG Richards & Company, and Sovereign Equity Management Corporation.
Demonstrating his academic proficiency, his credentials ascertain the successful completion of seven securities industry qualifying exams. Furthermore, Demertzis presently holds licensing in 20 states.
Representing investors across the nation in claims against financial advisors and investment firms is Haselkorn & Thibaut. If you, or someone you know, have suffered investment losses, do not hesitate to reach out to us at 1-800-856-3352 or complete our contact form for a confidential, no-obligation consultation.
