George Belesis of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on accusations that he failed to respond to FINRA’s request for his information. Case No. 2019061940901 (March 9, 2020).
According to FINRA Public Disclosure, the regulator sought information from Belesis in 2019 but did not receive Belesis’ cooperation. For not cooperating, Belesis received a Notice of Suspension from FINRA regarding his December 30, 2019 suspension as a stockbroker. FINRA provided Belesis until March 8, 2020, to request that it terminate his suspension. He did not adhere to FINRA’s deadline.
On a side note, George Belesis is the brother of Anastasios “Tommy” Belesis, the barred owner and founder of John Thomas Financial.
FINRA Public Disclosure shows that Belesis has been identified in three customer initiated investment related disputes concerning allegations of his wrongdoing when he was associated with John Thomas Financial. Belesis is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $600,000.00 in compensatory damages and $300,000.00 in punitive damages supported by Belesis being found jointly liable on the customer’s causes of action including unauthorized trading and churning. The Statement of Claim also alleges breach of contract, negligent supervision, and securities fraud.
A different customer who brought an investment related FINRA securities arbitration claim was awarded $16,000.00 in compensatory damages founded upon the arbitrator finding Belesis liable on the customer’s claim of breach of contract, breach of fiduciary duty and churning of the customer’s account. According to the Statement of Claim, the securities broker dealer failed to supervise, and the customer was defrauded.
Belesis is referenced in a customer initiated investment related FINRA securities arbitration claim that resulted in the customer being awarded $21,578.42 in damages based on findings that a contract with the securities broker dealer had been breached and that the customer was defrauded. The Statement of Claim contains accusations of breach of fiduciary duty and misrepresentation relating to Liberty Silver (LBSV) stock. The customer’s causes of action also included negligent supervision and the violation of FINRA rules.
Belesis was registered with Portfolio Advisors Alliance between June 19, 2013, and October 21, 2019.