Former Investment Adviser, Apostolos Pitsironis Charged with Stealing Client Funds

(STL.News) Long Island Man Allegedly Stole More than $400,000 to Pay Gambling Debts and Credit Card Bills
A criminal complaint was unsealed today in federal court in Central Islip charging Apostolos Pitsironis, a former registered investment advisor and broker, 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 today in Dix Hills, New York, and will make his initial appearance via videoconference this afternoon before United States Magistrate Judge Steven I. Locke.

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,” stated Acting United States Attorney DuCharme.  “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. 

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