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

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
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.

Latest News

Fed's Bowman pushes for lighter-touch AI oversight at smaller firms
Fed's Bowman pushes for lighter-touch AI oversight at smaller firms

Supervision vice chair speaks following recent launch of AI adoption practices by regulators.

Why fixed income still belongs in your clients' portfolios
Why fixed income still belongs in your clients' portfolios

In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.

Voya expands advisor managed accounts to add private market assets
Voya expands advisor managed accounts to add private market assets

Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.

With executives leaving, Osaic’s Reid now in the spotlight
With executives leaving, Osaic’s Reid now in the spotlight

Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.

Investors sue crypto fund and platform, alleging $1.5 million never returned
Investors sue crypto fund and platform, alleging $1.5 million never returned

Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.