Jack Terzi: Churning Complaint Against Ex-Aegis Advisor

Levittown financial advisor Jack Terzi (CRD# 7008502) recently received an investor complaint alleging he engaged in unauthorized trading and other forms of misconduct. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Merrill Lynch, having previously been registered with Aegis Capital Corporation.

Mr. Terzi’s BrokerCheck report discloses one investor complaint. Filed in December 2022, it alleges that as a representative of Aegis Capital, he recommended unsuitable investments, made unauthorized trades, misrepresented material facts, omitted material facts, engaged in negligence, and churned investments in the customer’s account. The pending complaint alleges $203,007.

For reference, a FINRA resource published in 2020 defines excessive trading, also known as quantitative unsuitability, as “the situation where a broker makes a large number of trades in a customer’s account not to benefit the customer but to generate commissions for the broker.” Excessive trading is similar to but distinct from churning, a form of misconduct in which a broker performs allegedly excessive trades “with either an intent to defraud or with reckless disregard for the customer’s interests.” More information on potential red flags of excessive trading can be found via FINRA.

According to the Financial Industry Regulatory Authority, Jack Terzi holds three years of securities industry experience. Based in Levittown, New York, he has been a broker and an investment advisor with Merrill Lynch since August and September 2022, respectively. He was previously registered with Aegis Capital in Melville, New York from 2018 until 2022. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; 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 is licensed in California, Connecticut, Delaware, the District of Columbia, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Texas, and Vermont. (Information current as of March 23, 2023.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.