Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor John Chrysadakis (CRD # 5680661) was recently barred from the securities industry by FINRA’s Department of Enforcement for failure to cooperate with a FINRA investigation. The sanction occurred during the course of an investigation into conversion of client funds. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Chrysadakis.
Registration Background for John Chrysadakis
Mr. Chrysadakis first became registered in the securities industry in 2009 and was most recently registered with Norwalk, CT based Northwestern Mutual Investments Services, LLC (CRD # 2881) from January 2010 to April 2019. His prior registrations include Park Avenue Securities LLC (CRD # 46173) in November 2009.
FINRA’s Finding and Conclusions
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated January 6, 2020, Mr. Chrysadakis consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In April 2019, Northwestern Mutual filed a form U5 after it permitted [Mr.] Chrysadakis to resign in March 2019. In May 2019, Fidelity Masonic Temple Association, Inc. (the “Association”) filed a complaint against [Mr.]Chrysadakis in Connecticut state court”;
- ‘The complaint allege[d] that, from at least 2016 to 2019, [Mr.] Chrysadakis converted approximately $100,000 from the Association when he served as treasurer”;
- “On November 8, 2019, FINRA Staff sent a request to [Mr. Chrysadakis for the production of information and documents pursuant to FINRA Rule 8210”;
- “As [Mr.] Chrysadakis stated in his telephone call with FINRA staff on November 22, 2019, and by his agreement, [he] acknowledges that he received FINRA’s request and will not produce the requested information or documents at any time”; and
- By refusing to produce the requested information and documents Mr. Chrysadakis violated FINRA Rule 8210 requiring registered individuals to cooperate with FINRA investigations and FINRA Rule 2010, which requires associated persons, in the conduct of business, to “observe high standards of commercial honor and just and equitable principles of trade.“
John Chrysadakis Barred by FINRA
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s January 6, 2020 AWC also indicates that Mr. Chrysadakis consented to the following sanction(s):
- A bar from associating with any FINRA member in any capacity.
John Chrysadakis has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Chrysadakis reveals he has a history of customer complaints and/or arbitrations. On October 29, 2018 a customer initiated a written complaint which was received by Northwestern Mutual Investment Services, LLC. The customers alleged “that the signatures on six Term Conversion Express documents requesting conversion of their non-variable term insurance to whole life insurance were not their signatures.” The Complaint alleged damages in the amount of $1,209.31. The complaint was eventually settled on November 20, 2018 in the amount of $4,837.40.
If you or someone you know has or had a brokerage account with Mr. John Chrysadakis and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.