The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Paul Pitsironis, also known as Apostolos Pitsironis. According to his publicly available FINRA BrokerCheck report, Paul Pitsironis has been the subject of a FINRA sanction and customer complaint.

Paul Pitsironis was a New York-based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with four different securities firms.

His Registrations

  • Morgan Stanley (1996-2001)
  • Janney Montgomery Scott (2001-2008, 2018-2019)
  • RBC Capital Markets (2008-2012)
  • Wells Fargo Clearing Services (2012-2018)

The Allegations

In June 2019, a customer alleged that Paul Pitsironis converted $411,000 from them by transferring the funds to an account at a third party bank not in the customer’s name. Due to these alleged actions, Paul Pitsironis was discharged from his position at Janney Montgomery Scott and barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

The relationship between securities brokers and investors can only exist if there is trust between the two parties. Investors would never be able to leave their money with another individual unless they believed said individual could be trusted with it. This trust exists because brokers are bound by a fiduciary duty to always act in their customer’s best interests. Less than scrupulous securities brokers who convert customer funds make other investors worry that their money might be stolen by their securities broker. These types of brokers work toward the erosion of that trust and the eventual downfall of the investor/broker relationship.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Paul Pitsironis, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.