Finra bars ex-Janney broker for stealing $411,000 of client's cash

Apostolos Pitsironis used 22 ACH transfers over two months to take money from a Janney securities account, according to regulator

Sep 10, 2019 @ 3:23 pm

By Greg Iacurci

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.

[More: Cetera Advisors charged with defrauding clients]

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.

[Recommended video: Indirect impact of trade war with China is the greatest concern]

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.

0
Comments

What do you think?

View comments

Recommended next

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print