APOSTOLOS NICOLAS PITSIRONIS (APOSTOLOS PITSIRONIS, PAUL PITSIRONIS) CRD#: 2804907, a former broker previously registered with Janney Montgomery Scott LLC of Melville, NY, was barred by FINRA in September of 2019, and is now facing criminal charges according to a recent article in Financial Advisor IQ. According to the article, Pitsironis is accused of misappropriating hundreds of thousands of dollars from former clients for his own personal use.
The U.S. Attorney’s Office for the Eastern District of New York said in a statement, between May 2, 2019 and Jun. 11, 2019, Apostolos Pitsironis allegedly made 22 transfers totaling approximately $411,000 from one of his clients’ investment accounts to a bank account in Pitsironis’ own name at another financial institution.
The U.S. Attorney’s office alleges Apostolos Pitsironis told Janney Montgomery Scott that the client’s spouse owned the bank account where the money was being transferred and had authorized the transfers. Pitsironis allegedly moved the money to other bank accounts he controlled, and used it for his own personal expenses, which allegedly included gambling debts and leasing a car. If convicted of wire fraud, Apostolos Pitsironis, could face up to 20 years in prison.
According to FINRA’s BrokerCheck, Pitsironis was in the securities industry for 22 years and has 9 Disclosures on his CRD report. One of the Disclosures from June of 2019, is an “Employment Separation after Allegations” from Janney Montgomery Scott LLC. They discharged Apostolos Pitsironis, following allegations of, “FA (Financial Advisor) was discharged after an internal investigation uncovered that the FA transferred funds via unauthorized ACHs from a client’s account to a third party bank account owned and controlled by the FA.” FINRA barred Pitsironis in August of 2019, over allegations that he had allegedly converted $411,000 in customer funds without their knowledge. There are 7 ‘Customer Disputes,” all which have settled.
Apostolos Pitsironis was listed with 4 firms, the most recent listed below:
12/21/2018 – 06/28/2019 JANNEY MONTGOMERY SCOTT LLC – MELVILLE, NY
05/30/2012 – 12/26/2018 WELLS FARGO CLEARING SERVICES LLC – HAUPPAUGE, NY
If you’ve experienced financial losses due to the actions or recommendations of Apostolos Pitsironis formerly of Janney Montgomery Scott, LLC of Melville, NY, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.