Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Janney Montgomery Scott Settles Stockbroker Misappropriation Claims

Janney Montgomery Scott

Apostolos Nicolas Pitsironis (also known as Paul Pitsironis), of Melville, New York, a stockbroker registered with Janney Montgomery Scott LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $30,000.00 in damages based upon allegations that Pitsironis borrowed but failed to repay customer funds when Pitsironis was associated with Janney Montgomery Scott LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00642 (April 6, 2020).

Pitsironis has been barred from associating with any FINRA member in any capacity because Pitsironis converted customer funds. Letter of Acceptance, Waiver, and Consent No. 2019063054201 (September 9, 2019). According to the AWC, in May and June 2019, during the time that he was associated with Janney Montgomery Scott, Pitsironis converted $411,000.00 in customer funds. The stockbroker electronically transferred funds from the customer’s investment account to a bank account Pitsironis controlled. Therefore, Pitsironis violated FINRA Rules 2010 and 2150(a)

FINRA Public Disclosure shows that Pitsironis is referenced in six other customer initiated investment related disputes concerning Pitsironis’ conduct while associated with securities broker dealers, including Wells Fargo Clearing Services LLC. Between October 3, 2019, and January 10, 2020, four complaints involving Pitsironis’ conduct were settled for a collective $312,931.00 in damages based upon allegations that Pitsironis took but failed to repay customers’ funds.

Pitsironis was associated with Wells Fargo Clearing Services LLC in Hauppauge, NY, from May of 2012 to December of 2018, and Janney Montgomery Scott LLC in Melville, NY, from December of 2018 to June of 2019.