Belesis Brothers Join New Broker After John Thomas Closes
By Zeke Faux - Aug 1, 2013 2:41 PM ET
Dozens of brokers from John Thomas Financial Inc., the downtown boiler room that closed after regulators accused founder Anatasios “Tommy” Belesis of fraud, have found new employers in New York’s financial district.
George and John Belesis, brothers of John Thomas founder Tommy Belesis, 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 records. At least 16 other ex-John Thomas brokers have joined National Securities Corp. this year, most at 80 Broad St., five blocks away from the defunct firm’s offices, the records show.
“We hired a few John Thomas guys but very selectively,” Mark Goldwasser, chief executive officer of National Securities, said in a phone interview, adding that “it’s not true, not fair and un-American” to assume they engaged in wrongdoing.
John Thomas, accused by regulators of defrauding investors in a penny stock and charging inflated fees to a hedge fund, took more than $100 million in commissions over its six-year history. Trainees generally weren’t given chairs and earned as little as $300 a week to pitch stocks with memorized scripts, Bloomberg News reported in February.
Tommy Belesis’s lawyer, Ira Sorkin, said the allegations are “not supportable” and declined to say more. Belesis didn’t return a message seeking comment. Another one of his lawyers, Robert Bursky, said in February that John Thomas raised money for legitimate companies and that its brokers didn’t use scripts.
Ron Cantalupo, regional managing director at John Thomas, is among those who joined Portfolio Advisors Alliance. Finra alleged that he threatened and intimidated other brokers in its complaint against Belesis’s firm. He declined to comment, as did Howard Allen II
I see the "Who's Who" of Short nitwits are here! What a cast of clowns, down days you all rehash the old days. However, you guys need some new material. You're lost with the Bong and no Bonk LOL....