A barred broker was charged this month in federal court in New York with defrauding his former clients of more than $400,000 that he used to pay personal expenses, including casino gambling debts and credit card bills, according to the Department of Justice.
The broker, Apostolos Pitsironis, is a 22-year industry veteran and most recently was employed from 2018 to 2019 by Janney Montgomery Scott in Melville, New York, according to his BrokerCheck report.
Pitsironis transferred $411,000 from the investment account of a couple whose portfolio he managed directly into bank accounts he controlled, and later, used this money to pay his family’s personal expenses, according to the Department of Justice.
Deveraux L. Cannick, Pitsironis’ attorney, did not return a call to comment.
In May and June 2019, Pitsironis allegedly initiated 22 transfers totaling approximately $411,000 from one of his clients to a bank account in his name at another financial institution.
Pitsironis then allegedly lied and said that a client had authorized the transfer of funds to that account. He then transferred the stolen funds to other bank accounts that he controlled and used the stolen money to pay for his family’s personal expenses, including casino gambling debts, credit card bills and the lease for a luxury car, according to the Department of Justice.
“Upon discovering the improper actions taken by this adviser with one client account, he was promptly terminated and the client was fully reimbursed,” a spokesperson for the firm wrote in an email. “Janney has fully cooperated with law enforcement and will continue to do so.”
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