More Problems for John Thomas Financial

In another transaction, John Thomas CEO, Anastasios (Tommy) Belesis, of John Thomas Financial, reportedly mismanaged a start-up company marketing software to help police find missing children.

Allegedly, John Thomas Financial pocketed or threw away nearly half of $13 million raised for the company, AMBER Ready. Belesis reportedly hijacked the company’s development program, giving consulting contracts to his friends and political allies. After 12 years, the start-up company is an empty husk with no product in sight. AMBER Ready (AMBER stands for Americas Missing: Broadcast Emergency Response) began with noble intentions.

Belesis’ John Thomas Financial units reportedly booked nearly $2.24-million in fees for arranging loans–which carried interest rates of 18% and 20%–and private placements. They allegedly took in $15,000 a month in consulting fees for providing Amber Ready business advice.

After an equity-capital raise in the summer of 2009, Belesis was instrumental in an AMBER Ready promotional concert at ABC Studios in New York’s Times Square, at a cost of $2-million. A lawsuit was launched alleging that more than $475,000 was spent on public relations–with $354,000 allegedly unpaid.

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