A former investment adviser from Dix Hills man is accused of stealing client funds, according to the U.S. Attorney’s Office for the Eastern District.
Apostolos Pitsironis, 52, a former registered investment advisor and broker, is charged with defrauding his former clients of more than $400,000 that he used to pay his personal debts and expenses, including casino gambling debts and credit card bills. Pitsironis was arrested earlier Wednesday in Dix Hills.
Seth D. DuCharme, acting United States attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the arrest and charge.
“As alleged, the defendant stole hundreds of thousands of dollars from investors to pay his personal debts, violating the trust they had placed in him to manage their money safely and honestly,” DuCharme said. “This office is committed to protecting the investing public from corrupt financial advisors like the defendant who put greed before their clients’ best interests.”
“Pitsironis, as alleged, transferred more than $400,000 from the investment
account of a couple who trusted him to manage their portfolio directly into bank accounts he controlled. He later used this money to pay his family’s personal expenses, all the while deceiving both his victims and the financial services firm for whom he worked. Financial advisors have a significant responsibility to appropriately manage the life savings of those who put their faith in them. Anyone who falls short on this front by engaging in illegal practices should, and will, be held accountable to the fullest extent of the law,” Sweeney said.