A former broker for Janney Montgomery Scott has been barred from the brokerage industry for stealing $411,000 in cash from a client's account.
The broker, Apostolos Pitsironis, electronically transmitted the cash from a client's securities account at Janney to a personal bank account, according to a filing made Sep. 9 by the Financial Industry Regulatory Authority Inc.
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Mr. Pitsironis took the money without the customer's consent via 22 ACH transfers in May and June 2019, Finra said.
Mr. Pitsironis reached a $411,000 settlement with the client June 17, according to his BrokerCheck record. Janney discharged Mr. Pitsironis June 19 following an internal investigation. He worked in the firm's Melville, N.Y., branch.
Mr. Pitsironis consented to Finra's bar without admitting or denying the findings.
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Mr. Pitsironis joined Janney in December 2018. He'd previously been affiliated with Wells Fargo Clearing Services, RBC Capital Markets and Morgan Stanley, according to BrokerCheck.