John Demertzis: LPL Advisor Faces $700K Real Estate Complaint

East Setauket financial advisor John Demertzis (CRD# 2690132) recently received an investor complaint alleging his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with LPL Financial, having previously been registered with Chase Investment Services.

Mr. Demertzis’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in July 2023, alleges that as a representative of LPL Financial, he made unsuitable investment recommendations involving real estate securities. The pending complaint alleges damages of $700,000.

In a statement included with the pending complaint’s disclosure, Mr. Demertzis denied the allegations against him. “Before I recommended the investments in question, I explained both the risks and the benefits of the investments in detail,” he wrote, adding that the customer decided the investments were suitable for her. “Although I am not personally named in this matter, I intend to assist LPL in defending against these false allegations. The customer was advised and understood before the purchase that the investment was illiquid and could not be sold.”

An earlier investor complaint, filed in 2001, alleged that as a Citicorp Investment Services representative, he recommended an unapproved variable annuity product. The complaint reached a settlement of $14,000.

According to the Financial Industry Regulatory Authority, John Demertzis holds 27 years of securities industry experience. Based in East Setauket, New York, he has been a broker and an investment advisor with LPL Financial since 2010. His registration history includes Chase Investment Services Corporation (Smithtown, New York; 2009-2010), HSBC Securities (Melville, New York; 2005-2009 and New York, New York; 2003-2005), UBS Financial Services (Weehawken, New Jersey; 2001-2003), Citicorp Investment Services (Long Island City, New York; 1998-2001), Dean Witter Reynolds (Purchase, New York; 1996-1998), RTG Richards & Company (Garden City, New York; 1996), and Sovereign Equity Management Corporation (Deerfield Beach, Florida; 1996). His credentials include the passage of seven securities industry qualifying exams: the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He currently holds 20 state licenses. (Information current as of August 27, 2023.)

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