John Belesis of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested unspecified damages supported by allegations that between July of 2013 and August of 2017: (1) the customer’s account was churned (2) transactions were negligently effected (3) contractual obligations had been breached (4) fiduciary duties owed to the customer were breached and (5) inappropriate stock and over-the-counter equities recommendations had been made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03491 (Oct. 22, 2018).
John Belesis was fromerly registered with John Thomas Financial and is ostensibly related to Anastasios “Tommy” Belesis. On October 17, 2014, the United States Securities & Exchange Commission filed a Cease and Desist Action against John Thomas Financial and Anastasios P. Belesis, alleging of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Advisers Act and Rule 206(4)-8 thereunder, and among other things involving John Thomas Bridge & Opportunity Fund, II. (In the Matter of John Thomas Financial, Inc., et al. SEC Administrative Proceeding File No. 3-15255 (Oct. 17, 2014), and on January 9, 2015, the Financial Industry Regulatory Authority (“FINRA”) found that John Thomas Financial and Anastasios P. Belesis, in addition to providing false information to FINRA, were found to have engaged in “fraud, intimidation, and the falsification of book and records. (Department of Enforcement v. John Thomas Financial, Inc., Disciplinary Proceeding No. 20120334673-01 (Jan. 9, 2015)). Belesis and John Thomas have been barred by FINRA, and as of even date there are more than a dozen unpaid arbitration awards rendered against Belesis and/or John Thomas Financial.
FINRA Public Disclosure additionally confirms that a customer initiated investment related arbitration claim involving Belesis’ activities was settled for $40,000.00 in damages founded on accusations that while Belesis was employed by Portfolio Advisors Alliance LLC, Belesis was responsible for, inter alia, having failed to supervise a broker’s activities; breached his contractual and fiduciary obligations to the customer; implemented an investment strategy that was not suitable for the customer; and negligently administered the customer’s stock transactions. FINRA Arbitration No. 16-01567 (Mar. 25, 2017).
Belesis’ registration with Portfolio Advisors Alliance Inc. has been terminated as of November 17, 2015. Belesis’ only other brokerage firm employer, John Thomas Financial, has been expelled by FINRA based upon allegations that the firm failed to pay FINRA $129,697.20 in fines that the regulator assessed based on findings that the firm traded ahead of the firm’s customer orders in violation of Securities Exchange of 1934 Section 17a-3 and 17a-4 and FINRA Rules 2010 and 4511(a).
