Ex-Janney Montgomery Scott Broker Arrested

Ex-New York Stockbroker Named In Multiple Customer Disputes

Apostolos Nicolas Pitsironis, a former-Janney Montgomery Scott registered representative who was barred by the Financial Industry Regulatory Authority (FINRA) in 2019 for allegedly defrauding investors, was arrested on February 10 in Dix Hills, New York in a parallel criminal fraud case. Prosecutors contend that he used ex-customers’ funds to pay his expenses, including gambling debts and credit card charges.

According to the US Attorney’s Office for the Eastern District of New York, Pitsironis stole $411K out of one couple’s account. If convicted of wire fraud, Pitsironis could spend up to 20 years behind bars.

Already, he has several customer disputes on his BrokerCheck record. Janney Montgomery Scott fired him in 2019. This came after an internal probe found that Pitsironis had transferred money from a client’s account to a third-party account he controlled.

Our investment fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyres.com) represent investors throughout the United States who have suffered losses because of the misconduct, theft, or negligence of stockbrokers and investment advisors. Call SSEK Law Firm at (800) 259-9010 if you lost money while working with ex- Janney Montgomery Scott broker Nicolas Pitsironis or any other registered representative.

Other Disclosures on Apostolos Nicolas Pitsironis BrokerCheck

Aside from the couple that Pitsironis allegedly defrauded —they received a $411K settlement—the other customers who’ve filed claims against him contend that the ex-New York broker borrowed money that he did not repay. All of these investor claims have resulted in the following settlements:

February 2020: $300K
December 2019: Over $125K
November 2019: Nearly $48K. The damages requested was $45K.
October 2019: $115K
September 2019: $24K
September 2019: Nearly $27K

Other brokerage firms where Nicolas Pitsironis used to be a registered representative during his 22 years in the industry, include Wells Fargo Clearing Services, RBC Capital Markets and Morgan Stanley (MS).

Brokerage Firm Negligence

Broker-dealers are responsible for properly supervising their registered representatives and can be held liable if the latter’s actions or carelessness leads to customer losses. Filing a FINRA arbitration claim can allow investors to pursue damages for the harm they have suffered.

Over the years, our brokerage firm negligence lawyers at SSEK Law Firm have recovered many millions of dollars on our clients’ behalf. Call us at 800-259-9010 or contact us online today if you suffered significant losses while working with a Janney Montgomery Scott broker.