An AWC was issued in which John Nicholas Terzis (CRD #1805020) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Terzis consented to the sanction and to the entry of findings that pursuant to a ten-year written promissory note, he borrowed $200,000 from one of his customers, a 69-year-old senior who had health issues, without first notifying or obtaining approval from his member firm.
The findings stated that to facilitate the borrowing, Terzis assisted the customer with transferring funds to her personal bank account. For almost two years John Nicholas Terzis made monthly payments on the loan but ceased making payments thereafter. 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. In addition, Terzis falsely stated in response to a firm compliance questionnaire that he had not issued or participated in any promissory notes outside of the firm and had not solicited clients to lend funds.