Former Investment Broker Arrested for Spending Client Money at Casinos

An investment broker is now in hot water after authorities discovered that he was stealing from clients and using the money for his own gain. Apostolos Pitsironis used some of the funds to pay personal debt off, including money he owed to casinos. The amount he stole from clients came in at over $400,000.

A recent complaint filed by the FBI on the matter stated that Pitsironis was an advisor for a married couple for 10 years. This relationship started in 2009. He switched firms in late 2018 and at that time, the couples accounts were moved to the new firm. This way, he could continue providing services to his clients.

At the time when he moved to a new branch, Pitsironis asked his clients for a loan of $200,000. He was not approved. About six months later, from May to June of 2019, it was discovered that Pitsironis had completed 22 wire transfers from his client’s accounts. The money was moved to accounts that he and his wife had access to.

Pitsironis made the transfers after lying and stating he was given approval to move the funds. The FBI have investigated the matter and feel the former financial advisor needs to pay for his crimes. According to court records, he has posted a $200,000 bond.

The report on Pitsironis says that he spent over $62,400 at three different casinos. The majority of the money was spent at a casino in Atlantic City. He spent an additional $15,000 at a second location in New Jersey. He then traveled to Florida, where he spent around $2,000 at a casino that remains unnamed.

On top of spending money at the Atlantic City Casino, the perpetrator also reportedly took out over $18,000 in withdrawals via the ATM. After the last few transfers, the funds of the couple were frozen.

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