John Thomas Financial

John Thomas Financial
IndustryIndependent Broker-dealer/Wealth Management
Founded2007; 18 years ago (2007)
FounderThomas Belesis, CEO and President
DefunctJuly 2013; 11 years ago (2013-07)
Headquarters14 Wall Street
New York City, U.S.
Area served
Worldwide
ProductsFinancial services
Number of employees
Almost 200[1][2]

John Thomas Financial was a privately held financial services firm located in the Financial District of New York City. It closed in July 2013 after its founder, Anastasios "Thomas" Belesis was sued by the Securities and Exchange Commission for deceiving investors.[3][4]

In 2009, John Thomas Financial moved its offices into 14 Wall Street, where it occupied the entire 23rd floor.[5] The firm was founded in 2007 by Thomas Belesis, who served as CEO.[6] Initially a three-person brokerage, it grew to 200 representatives and staff providing retail brokerage, investment banking and corporate advisory services.[7] It also added a private wealth management affiliate.[8]

In addition to its retail brokerage services, the firm raised convertible debt for startups and new companies.[9]

Leadership

The company President and CEO was Thomas Belesis, a frequent contributor to financial news shows. He played a role in the movie Wall Street: Money Never Sleeps which was partly filmed at John Thomas Financial. Belesis used his media exposure to support the image of Wall Street, launching rallies and a website,[10] to improve the image of stock traders.[11]

Controversy

The New York Post looked into the "shady" past of Thomas Belesis in an April 2012 article.[12] In early 2013, another series of New York Post articles covered an investigation by the Financial Industry Regulatory Authority (FINRA) into the dealings of John Thomas Financial.[13] The articles reported on Belesis being served with a Wells notice, and the potential for the investigation to result in prosecution.[14] Bloomberg L.P. interviewed former employees and questioned whether the business practices and sales tactics of John Thomas Financial constituted those of a boiler room.[4][15]

References

  1. ^ Kelly, Bruce (15 January 2015). "Goodbye, Tommy Belesis. We won't miss you". Investment News.
  2. ^ LEVIN, BESS (14 June 2013). "Cold Call Where John Thomas Financial Hath Cold Called!". Deal Breaker.
  3. ^ Faux, Zeke (1 August 2013). "Belesis Brothers Join New Broker After John Thomas Closes". Bloomberg. Retrieved 4 October 2013.
  4. ^ a b Whitehouse, Kaja (10 July 2013). "Financial finale | New York Post". New York Post. Retrieved 5 December 2013.
  5. ^ "In the news: John Thomas Financial Announces Major Expansion Plans". John Thomas Financial. 27 July 2009. Retrieved 4 March 2011.
  6. ^ "John Thomas Financial CEO Thomas Belesis Reveals His Plans for Expansion in an Exclusive Interview With CNBC". MarketWire. Retrieved 7 June 2011.
  7. ^ "John Thomas Financial Chief Economist Says Investors Should Maintain a Bullish Posture". BusinessWire. Retrieved 3 June 2011.
  8. ^ "Urbealis named President of JTF Private Wealth Management". WealthAdviser. Retrieved 7 June 2011.
  9. ^ TKACIK, MOE (11 February 2010). "Revenge of the Wall Street Traders: The Fat Cats Strike Back". AOL.
  10. ^ "Restore Wall Street". Restore Wall Street. Archived from the original on 3 February 2011. Retrieved 4 March 2011.
  11. ^ Kleinfeld, N. R. (27 January 2010). "New Embattled Minority: Wall Street Brokers". The New York Times. Retrieved 4 March 2011.
  12. ^ Whitehouse, Kaja (6 April 2012). "Shady Past for Wall Street Mr. Clean". New York Post.
  13. ^ Whitehouse, Kaja (7 February 2013). "John Thomas Financial being probed by brokerage industry, SEC and FBI". New York Post.
  14. ^ Whitehouse, Kaja (14 February 2013). "Cameo Calamity II: Belesis in cross hairs". New York Post.
  15. ^ Faux, Zeke (28 February 2013). "John Thomas Financial: The Other Side of Wall Street". Bloomberg L.P.