Our firm is investigating LPL Financial broker and investment advisor John Prokos Jr. (CRD# 1553091) of Boca Raton, Florida for potential investment-related misconduct. individual_1553091
Financial Advisor’s Career History
Mr. Prokos is currently registered with LPL Financial LLC (CRD# 6413) and has been with the firm since September 1, 2020. He maintains registrations in numerous states and has been associated with branch locations in Boca Raton, FL; San Diego, CA; and Stuart, FL. individual_1553091
Previously registered with the following firms:
- Lucia Securities, LLC (09/2011–10/2020) – Boca Raton, FL individual_1553091
- Lucia Capital Group (04/2010–10/2020) – San Diego, CA (advisory) individual_1553091
- First Allied Securities, Inc. (02/2008–12/2011) – Boca Raton, FL (plus advisory registration 03/2008–04/2009) individual_1553091
- Raymond J. Lucia Companies, Inc. (advisory roles in 2004–2006; 04/2008–07/2008; 04/2009–11/2010) – San Diego, CA individual_1553091
- Securities America, Inc. (01/1997–02/2008) – Palm Beach Gardens, FL (and Securities America Advisors, Inc. 07/2000–08/2007; 08/2007–02/2008) individual_1553091
- FSC Securities Corporation (07/1995–01/1997) – Atlanta, GA; Mutual Service Corporation (03/1989–07/1995) – Boston, MA; Lowry Financial Services Corporation (06/1987–03/1989). individual_1553091
John Prokos Jr. Fraud Allegations and Investor Complaints Explained
Overview of FINRA-reported disclosures: The BrokerCheck report discloses two customer disputes: one settled in 2024 and one denied in 2021. individual_1553091
2024 FINRA Arbitration — Settled
- Allegations: Customers alleged that investments made in 2014 were unsuitable for their objectives and risk tolerance. Product type: Real Estate Security. individual_1553091
- Case details: FINRA Arbitration Docket No. 24-00924; complaint filed 04/29/2024. Alleged damages: $52,000. individual_1553091
- Resolution: Settled on 08/19/2024 for $12,500; $0 individual contribution reported by Mr. Prokos. individual_1553091
- Context: Mr. Prokos reported he was not named as a Respondent and denied wrongdoing. individual_1553091
2021 Customer Complaint — Denied
- Allegations: Customer claimed risks of illiquidity were not disclosed and that the investment was unsuitable, with activity from May 2015 to August 20, 2021. Product type: Real Estate Security. individual_1553091
- Resolution: Denied on 08/20/2021; alleged damages were unspecified but “reasonably believed to exceed $5,000.” individual_1553091
Disclosure Summary
- Customer Dispute (Arbitration) — Unsuitable recommendations in a real-estate security (activity in 2014); filed 04/29/2024; settled 08/19/2024 for $12,500; alleged damages $52,000; Docket 24-00924. Disposition: Settled; individual contribution $0. individual_1553091
- Customer Complaint (Written) — Illiquidity-risk disclosure and suitability allegations tied to a real-estate security (activity May 2015–Aug. 20, 2021); denied on 08/20/2021. Disposition: Denied. individual_1553091
To obtain a copy of John Prokos Jr.’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 — Suitability. FINRA Rule 2111 requires that a broker have a reasonable basis to believe a recommendation is suitable for the customer, based on the customer’s profile (age, financial situation, risk tolerance, liquidity needs, etc.). Allegations that customers were placed into illiquid real-estate securities without proper alignment to their risk tolerance or objectives implicate the Rule 2111 “customer-specific suitability” obligation and, where applicable, “reasonable-basis” suitability for the product itself.
FINRA Rule 2010 — Standards of Commercial Honor. Rule 2010 mandates high ethical standards and conduct consistent with “just and equitable principles of trade.” When unsuitable recommendations or insufficient disclosure of liquidity risks place a broker’s conduct below these standards, Rule 2010 is often charged alongside the underlying sales-practice rule because the behavior undermines market integrity and investor protection.
FINRA Rule 2020 — Use of Manipulative, Deceptive, or Other Fraudulent Devices. While not alleged per se in the BrokerCheck summary, patterns of misleading statements or omissions about material risks (e.g., redemption limits, distribution sustainability, or secondary-market constraints for real-estate products) can raise concerns under Rule 2020. In cases where misrepresentations or omissions are proven, Rule 2020 may apply in addition to suitability and ethics rules.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
