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George Daskaleas fined 450,000 euros for investment services without permission

25 February 2011 / 18:02:01  GRReporter
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The businessman George Daskaleas will have to pay a heavy fine of 450,000 euros after the Securities and Stock Exchange Commission has considered that he advised without permission since 2004. Greek media reported that he managed a significant investment portfolio used to carry out foreign exchange transactions on behalf of other investors without the required permits. By the same token a modest fine of 10,000 euros is determined for the company PK CONSULTANTS USA Inc., Based in Delaware, USA managed by the same person.
 
The Greek economic edition Imerisia reported in the middle of 2010 about an investment company controlled by George Daskaleas that managed about 30 million euros owned by various investors in Greece. After the investigation, the Securities and Exchange Commission announced formally in late June 2010 that the company PK Consultants USA, Inc is not registered in the list of Greek investment advisors. It is not authorized to offer financial advice or investment services, nor has the right to hold money of third parties to make any kind of investment transactions with it.  

The edition refers to data presented by the financial crime office, according to which the company involved a married couple - husband and wife. They founded the consulting company which represented an U.S. investment bank. Imerisia called the bank "nonexistent." They promised their customers secure minimum profit of the attractive 6% a year on the amount invested.

The consulting company comes in the sight of inspection services after suspicious bank operations under the name of the company. The financial inspectors’ check shows that the company's headquarters on Kolokotroni Street in the famous district of the capital St. Paraskeva is a sham. According to the data provided by the corresponding bank to the Greek edition, regular transfers of large sums are made from foreign banks to the account of the suspects. The investigation proves that this is the money of amateur investors who expected the promised high returns in a short period of time. After the amounts payment in the company's corporate account it is withdrawn in cash and transferred to private bank accounts a day later. A check in a Greek bank found three accounts in the name of the company with € 15 million, $ 11 million and SEK 190.000.

The Securities and Exchange Commission in Athens announced that under Article 8 of Law 3606/2007 it is not permitted to offer investment advice or services without the permission of relevant authorities and the relevant company concern.

George Daskaleas himself is known as a very good financial expert who was named Man of the Year by the Greek Economic Review magazine in 2000. Daskaleas won the title Professional of the Year 2007-2008 of the electronic records of business persons Madison Who's Who.

There is presented George Daskaleas’ curriculum vitae according to which he graduated engineering in Athens. Then he turned to economy and received a Master's degree from Trinity College & University in Hertfordshire, and later he became a Ph.D. in the field of financial analysis. Daskaleas builds the name of a good financier in the years to 2000 and has over two thousand publications related to the Forex markets and international stock exchanges. He is also a trader at the same time. His wife Penny Zhiza-Daskalea enters the company too. She is from Johannesburg, South Africa and holds a degree from the Athens University of Economics in Business Management.

In 2002 George Daskaleas founds the investment company Investment Consultants Ltd, which is renamed later to PK Consultants USA, Inc. The homepage of the website reads his company's motto "Customer's needs are most important" and Daskaleas argues in the manifest to prospective customers: "We live for the success of our customers."

Tags: EconomyMarketsCompaniesGeorge Daskaleas
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