Many of the brokers from John Thomas Financial Inc. (JTF), the New York boiler room that closed after regulators accused the founder Anatasios “Tommy” Belesis of fraud, have found new employers in New York’s financial district writes Zeke Faux in a recent Bloomberg article.
The two brothers of John Thomas founder, Tommy Belesis, George and John Belesis, have moved about seven blocks from their old office on Wall Street to join Portfolio Advisors Alliance Inc. in June along with 14 colleagues, according to Financial Industry Regulatory Authority's (FINRA) records. At least 16 other ex-John Thomas brokers have joined National Securities Corp. this year, five blocks away from the defunct JTF offices, FINRA's records show.
The former regional managing director at John Thomas, Ron Cantalupo, is among those who joined Portfolio Advisors Alliance. FINRA alleged that Cantalupo threatened and intimidated other brokers in its complaint against JTF. The other brokers who switched firms haven’t been accused of wrongdoing by regulators.
Allegedly, the training at John Thomas included using high-pressure sales tactics to approach hundreds of strangers a day, ex-employees said in February. Junior brokers were told they had to stand to sound more animated, they said. John Thomas told regulators it was withdrawing from the securities business last month, the records show.
If you were a client of Anastasios “Tommy” Belesis, and/or his firm, John Thomas Financial, you may have a potential claim for recovery. Call Soreide Law Group for a free consultation with an attorney: 888-760-6552.
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