FINRA Bars Former Janney Montgomery Scott Broker for Stealing Customer Funds
The Financial Industry Regulatory Authority has barred former Janney Montgomery Scott broker Apostolos Pitsironis for allegedly converting $411,000 of customer funds to his own bank account.
The Financial Industry Regulatory Authority has barred former Janney Montgomery Scott (“Janney”) broker Apostolos Pitsironis for allegedly converting $411,000 of customer funds to his own bank account. Pitsironis registered as a general securities representative and general securities sales supervisor with Janney in December 2018.
Six months later, the Janney branch where he worked in Melville, New York, terminated his employment after an internal investigation uncovered that he transferred funds via unauthorized ACHs from a client’s account to a third-party bank account controlled by Pitsironis. The alleged theft involved 22 ACH transfers between May and June 2019.
When Janney learned of Pitsironis’s actions, the company reimbursed the customer for the missing funds.
Conversion of customer funds is a violation of FINRA rules 2010 and 2150(a), which states that members must observe high standards of commercial honor and shall not improperly use a customer’s securities or funds.
Pitsironis signed FINRA’s letter of acceptance, waiver and consent without admitting or denying the findings.
