Terry Tzagarakis, Formerly of Spartan Capital Securities, Suspended by FINRA Following Failure to Disclose Outstanding Federal Liens

INVESTORS: Former Spartan Capital Securities broker Terry Tzagarakis was suspended for three months by FINRA following the failure to timely amend his Form U4 to disclose outstanding federal tax liens.

Terry Tzagarakis (CRD: 2796055) was registered as a broker with Worden Capital Management from March until May of 2020. Previously, Tzagarakis was registered as a broker with Spartan Capital Securities from 2013 until 2020.

Tzagarakis has seventeen disclosures on his BrokerCheck report. Ten disclosures relate to personal tax liens against him. Two customer disputes filed against Tzagarakis were denied.

January 2021 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Tzagarakis consented to the sanctions and to the entry of findings that he willfully failed to timely amend his Form U4 to disclose outstanding federal tax liens, and an outstanding New York State tax lien. The findings stated that one of the federal tax liens was disclosed approximately five months late, while the other federal and state tax liens were disclosed approximately two years after being filed.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Amount: $5,000.00
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities
• Duration: three months
• Start Date: 1/4/2021
• End Date: 4/3/2021
• Sanctions: The settlement includes a finding that Tzagarakis willfully failed to disclose a material fact on a Form U4, and that under section 3(a)(39)(f) of the Securities Exchange Act of 1934 and Article III, Section 4 of the FINRA By-Laws, this omission make him subject to a statutory disqualification with respect to association with a member.

September 2018 Customer Dispute

• Status: Pending
• Allegations: Allegations of Churning, most investments were not suitable and most were not authorized.
• Damage Amount Requested: $6,645,956.00

August 2013 Customer Dispute

• Status: Settled
• Allegations: Customer alleges unauthorized use of margin resulting in damages of approximately $11,000.00
• Damage Amount Requested: $11,000.00
• Settlement Amount: $6,000.00

September 2007 Customer Dispute

• Status: Settled
• Allegations: Investment losses
• Damage Amount Requested: $48,000.00
• Settlement Amount: $22,500.00

May 2001 Customer Dispute

• Status: Settled
• Allegations: Alleged failure to enter stop loss order.
• Damage Amount Requested: $11,881.26
• Settlement Amount: $8,647.51

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Terry Tzagarakis. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.