A barred broker was charged this month in federal court in New York with defrauding his former clients of more than $400,000 that he used to pay personal expenses, including casino gambling debts and credit card bills, according to the Department of Justice.
The broker, Apostolos Pitsironis, is a 22-year industry veteran and most recently was employed from 2018 to 2019 by Janney Montgomery Scott in Melville, New York, according to his BrokerCheck report.
Pitsironis transferred $411,000 from the investment account of a couple whose portfolio he managed directly into bank accounts he controlled, and later, used this money to pay his family’s personal expenses, according to the Department of Justice.
Deveraux L. Cannick, Pitsironis' attorney, did not return a call to comment.
In May and June 2019, Pitsironis allegedly initiated 22 transfers totaling approximately $411,000 from one of his clients to a bank account in his name at another financial institution.
Pitsironis then allegedly lied and said that a client had authorized the transfer of funds to that account. He then transferred the stolen funds to other bank accounts that he controlled and used the stolen money to pay for his family’s personal expenses, including casino gambling debts, credit card bills and the lease for a luxury car, according to the Department of Justice.
The Financial Industry Regulatory Authority Inc. in 2019 barred Pitsironis for the same matter. He has seven “customer disputes” on his BrokerCheck profile, all of which have been settled.
“Upon discovering the improper actions taken by this adviser with one client account, he was promptly terminated and the client was fully reimbursed,” a spokesperson for the firm wrote in an email. “Janney has fully cooperated with law enforcement and will continue to do so.”
The leadership changes coming in June, which also include wealth management and digital unit heads, come as the firm pushes to offer more comprehensive services.
Strategist sees relatively little risk of the university losing its tax-exempt status, which could pose opportunity for investors with a "longer time horizon."
As the next generation of investors take their turn, advisors have to strike a fine balance between embracing new technology and building human connections.
IFG works with 550 producing advisors and generates about $325 million in annual revenue, said Dave Fischer, the company's co-founder and chief marketing officer.
Five new RIAs are joining the industry coalition promoting firm-level impact across workforce, client, community and environmental goals.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
