February 5, 2021
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) submitted by Terry Tzagarakis to resolve allegations that he failed to timely disclose federal tax liens on his Form U4 while registered as a general securities representative at Spartan Capital in New York City from January 2013 to April 2020.
According to the AWC, Tzagarakis had two outstanding federal tax liens totaling $112,899.35 and one outstanding New York State tax lien for $59,010.91 from approximately March 2016 to March 2019. One federal tax lien was disclosed 5 months late and all others were disclosed two years late, in violation of FINRA Rules 1122 and 2010.
Without admitting or denying the allegations made against him, Tzagarakis consented to a three-month suspension from associating with any FINRA member in any capacity and a $5,000 fine.
FINRA BrokerCheck reveals that Tzagarakis, after leaving Spartan Capital, was associated with Worden Capital Management in New York City from March 2020 to May 2020 and Arive Capital Markets in Bay Ridge, New York from May 2020 to January 2021. Tzagarakis’ also has a pending customer dispute filed in September 2018. The customer alleges unsuitable and unauthorized investments as well as churning and is requesting over $6.6 million in damages.