Former Janney Montgomery Broker Barred for Conversion of Client FundsSaturday, September 28, 2019
According to a FINRA Acceptance, Waiver, and Consent Agreement, in May and June 2019, Apostolos Pitsironis converted $411,000 in customer funds. Conversion of customer funds is a violation of FINRA. In May and June 2019, Pitsironis allegedly electronically transmitted $411,000 in cash from a customer’s securities account at Janney Montgomery Scott LLC where Pitsironis worked to a bank account Pitsironis controlled through 22 ACH transfers, without the customer’s knowledge or consent. Upon learning of Pitsironis’s actions, Janney made the customer whole. For the alleged misconduct, FINRA consequently barred Pitsironis from associating with any FINRA member firm in any capacity.
Pitsironis entered the securities industry in July 1996 and became registered with FINRA as a General Securities Representative in October 1996 and as a General Securities Sales Supervisor in January 2001 through an association with a member firm. Between then and December 2018, Pitsironis maintained those registrations through consecutive associations with three additional member firms. On December 21, 2018, Pitsironis registered as a General Securities Representative and General Securities Sales Supervisor with Janney. Pitsironis worked for Janney in its Melville, New York branch. On June 28, 2019, Janney filed a termination notice which stated that Janney had terminated Pitsironis’s employment 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 [Pitsironis].”
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