Janney Montgomery Discharges Broker Apostolos Pitsironis After Misappropriating Customer Funds And Borrowing From Clients

Apostolos Pitsironis (CRD#: 2804907) is a former registered broker and investment advisor whose last employer was Janney Montgomery Scott LLC (CRD#:463) of Montgomery, NY. Previous employers include Wells Fargo Clearing Services, LLC (CRD#:19616) of Hauppage, NY, RBC Capital Markets, LLC (CRD#:31194) if Jericho, NY, and Morgan Stanley DW INC. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999.

A client dispute filed on 6/17/2019 alleged that Pitsironis transferred assets from a client’s account to a third-party account that did not belong to the client. Over a two-month period, Pitsironis made 22 ACH transfers that the client was neither aware of and nor give consent to totaling $411,000.  Further investigation by Janney Montgomery led to the discovery that the account was owned by Pitsironis himself. As a result, Pitsironis was discharged on 6/19/2019, and the firm settled the claim for the amount of the damages requested, $411,000.

FINRA’s disciplinary action against Pitsironis on 9/9/2019 indefinitely barred him in all capacities, and he signed a letter of acceptance, waiver and consent (AWC.)

Six additional customer disputes from 9/6/2019 through 2/26/2020 allege that Pitsironis borrowed money from these clients and had either partially repaid them or never repaid them. These loan amounts total $433,974, and were settled for $342,931.

According to Janney Montgomery, Pitsironis was discharged after an internal investigation uncovered that he transferred funds via unauthorized ACHs from a client’s account to a third party bank account owned and controlled by the Pitsironis.

Did You Invest With Apostolos Pitsironis?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.