Former Broker Stole $400,000 To Pay Gambling Debt

Apostolos Pitsironis, a former broker at Janney Montgomery Scott in Melville, New York, was charged in federal court with defrauding his former clients of more than $400,000. According to the Department of Justice, Mr. Pitsironis used the money to pay personal expenses, including casino gambling debts and credit card bills.

Based on reports, Mr. Pitsironis was a 22-year industry veteran who transferred between May-June 2019 a total of $411,000 from the investment account of couples whose portfolio he managed directly into bank accounts he controlled.

The former broker ostensibly lied and declared that the client had authorized the 22 operations. 

But, this is not Mr. Pitsironis’s first scandal. Back in 2019, the Financial Industry Regulatory Authority (FINRA) barred him for similar reasons. Plus, he has seven "customer disputes" on his BrokerCheck profile, all of which have been settled. 

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