The Investor’s Watchdog

The Investor's Watchdog

Former Janney Montgomery Broker Barred for Conversion of Client Funds

Saturday, 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].”

The attorneys at ChapmanAlbin have helped hundreds of investors recover millions of dollars in money lost due to investment fraud and other misconduct. If your broker lost your money, we may be able to help you recover. Call us today at 1-877-410-8172 for a free consultation.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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