Former Janney Advisor Allegedly Transferred $400,000 From Client Accounts to Pay Gambling Debt

Posted on March 25th, 2021 at 10:21 AM
Former Janney Advisor Allegedly Transferred $400,000 From Client Accounts to Pay Gambling Debt

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Justice Department has filed charges in New York federal court against a financial advisor for defrauding clients of more than $400,000, money that he used to pay various personal expenses, including gambling debts and credit card balances. The advisor is a 22-year industry veteran and recently joined Janney Montgomery Scott in 2018. 

In May and June of 2019, Pitsironis allegedly initiated 22 transfers from a client account to an account at another financial institution.  According to the Department of Justice, the advisor reportedly claimed he had the authorization to transfer the funds to a bank account in his name. Pitsironis then moved the funds to other accounts he controlled, according to the Justice Department. The Financial Industry Regulatory Authority (FINRA) barred Pitsironis in 2019 for a similar matter. The advisor's BrokerCheck profile contains seven client disputes, all of which have been settled. 

After discovering Pitsironis' actions, a spokesperson at Janney stated he was promptly terminated, and the client was fully reimbursed. 

Eccleston Law LLC represents financial advisors nationwide. Please contact us to discuss any issues that you may have.

Tags: eccleston, eccleston law, justice department, gambling debt

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