Business

SEC puts kibosh on Wall Street’s Belesis

Fallen financial chief Tommy Belesis, who advised Oliver Stone on his 2010 film “Wall Street: Money Never Sleeps,” has been barred from selling stocks.

Belesis, who founded Wall Street brokerage firm John Thomas Financial, was barred from the brokerage business as part of a deal he cut with the Securities and Exchange Commission over allegations of dirty dealings over two hedge funds, according to the SEC’s settlement agreement.

The Long Island native, who also won a cameo role in Stone’s hit film about greed, has the right to apply for re-entry after one year.

Belesis, who didn’t admit or deny wrongdoing as part of the deal, was also ordered to fork over $500,000 in penalties and other fees in 15 days. His now-defunct brokerage firm, JTF, was also ordered to pay half a million dollars in penalties over the next year.

“We’re delighted that we have been able to resolve this case …. and that he was not found to have committed fraudulent acts,” said Belesis’ lawyer Ira Sorkin.

The SEC sued Belesis and Houston radio host George Jarkesy in March for allegedly deceiving investors in two hedge funds Jarkesy managed and enriching themselves at the investors’ expense.

The SEC said the two falsely claimed that the funds were independent from Belesis while allowing the brokerage CEO to call the shots on certain investments, including in companies in which JTF had an interest.