John Thomas Financial: Difference between revisions - Wikipedia
Line 1:
{{oneUse sourcedmy dates|date=MarchOctober 20112020}}
{{Infobox company
| company_namename = John Thomas Financial
| company_logologo =
| type =
| company_type = Corporation
| foundation = {{start date and age|2007}}
| founderdefunct = Thomas{{end Belesis, CEOdate and Presidentage|2013|07}}
| founder = Thomas Belesis, CEO and President
| location = [[14 Wall Street]]<br/>New York City, U.S.
| num_employees = ~200 Financial Advisers (As of January 2011)<ref name="jtfblog.com">{{cite web|url=http://www.jtfblog.com/blog-john-thomas-financial/2011/1/13/thomas-belesis-ceo-of-john-thomas-financial-tells-cnbc-hes-l.html |title=Thomas Belesis, CEO of John Thomas Financial, tells CNBC he's looking to hire |date=13 January 2011 |publisher=John Thomas Financial |accessdate=2011-03-04}}</ref>
| num_employees = Almost 200<ref>{{cite news | url=https://www.investmentnews.com/article/20150115/free/150119951/goodbye-tommy-belesis-we-wont-miss-you | title=Goodbye, Tommy Belesis. We won't miss you. | first=Bruce | last=Kelly | work=Investment News | date=15 January 2015}}</ref><ref>{{cite news | url=https://dealbreaker.com/2013/06/cold-call-where-john-thomas-financial-hath-cold-called | title=Cold Call Where John Thomas Financial Hath Cold Called! | first=BESS | last=LEVIN | work=Deal Breaker | date=14 June 2013}}</ref>
| area_served = Worldwide
| industry = Independent [[Broker-dealer]]/[[Wealth Management]]
| products = [[Financial Services]]
| parentproducts = [[Financial =services]]
| homepageparent =
| homepage =
}}
'''John Thomas Financial''' was a privately held [[boilerfinancial room (business)|boiler roomservices]] that advertised itself as an independent [[broker-dealer]]firm located in the [[Financial District, Manhattan|Financial District]] of New York City. It closed in July 2013 after its founder, [[Thomas Belesis|Anastasios "Thomas" Belesis]] was accusedsued ofby fraudthe by[[Securities financialand Exchange Commission]] for deceiving regulatorsinvestors.<ref>{{cite news |title=Belesis Brothers Join New Broker After John Thomas Closes |first=Zeke |last=Faux |date=1 August 2013 |publisher=Bloomberg |url=httphttps://www.bloomberg.com/news/2013-08-01/belesis-brothers-join-new-broker-after-john-thomas-closes.html |accessdate=4 October 2013}}</ref><ref name="boiler">{{cite news|last=Whitehouse |first=Kaja |url=http://www.nypost.com/p/news/business/financial_finale_vPYmkoK5S19zEKvWWQ9trJ |title=Financial finale | New York Post |work=New York Post|date=2013-07-10 |accessdate=2013-12-05}}</ref>
In 2009, John Thomas Financial moved its offices into [[14 Wall Street]], where as of 2009 it occupied the entire 23rd floor.<ref>{{cite web |url=http://www.johnthomasbd.com/media/news |title=In the news: John Thomas Financial Announces Major Expansion Plans |date=27 July 2009 |publisher=John Thomas Financial |accessdate=2011-03-04}}</ref> The firm was founded in 2007 by Thomas Belesis, itswho currentserved CEO,as in 2007CEO.<ref>{{cite web |title=John Thomas Financial CEO Thomas Belesis Reveals His Plans for Expansion in an Exclusive Interview With CNBC|url=http://www.marketwire.com/press-release/john-thomas-financial-ceo-thomas-belesis-reveals-his-plans-expansion-exclusive-interview-1381679.htm|work=MarketWire|accessdate=7 June 2011}}</ref> Initially a three-person brokerage, it nowgrew includesto 200 representatives and staff and provides a range ofproviding retail brokerage, investment banking and corporate advisory services.<ref>{{cite web |title=John Thomas Financial Chief Economist Says Investors Should Maintain a Bullish Posture|url=http://www.businesswire.com/news/home/20110603005502/en/John-Thomas-Financial-Chief-Economist-Investors-Maintain|work=BusinessWire|accessdate=3 June 2011}}</ref> It lateralso added a private wealth management affiliate.<ref>{{cite web |title=Urbealis named President of JTF Private Wealth Management|url=http://www.wealthadviser.co/2011/05/10/114902/urbealis-named-president-jtf-private-wealth-management|work=WealthAdviser|accessdate=7 June 2011}}</ref>
In addition to its functions as aretail [[retail brokeragebroker]]age services, the firm claimed to raiseraised [[convertible debt]] for [[start-up companies|startups]] and new companies. According to its website, John Thomas Financial raised over $150 million for new businesses between 2007 and 2010.<ref>{{cite webnews | url=httphttps://www.jtfblogaol.com/john2010/02/11/revenge-thomasof-financialthe-leaderswall-street-traders-the-fat-cats-strike-back/ | title=ThomasRevenge Belesisof -the CEOWall Street Traders: The Fat Cats Strike Back |publisher first=JohnMOE Thomas| Financiallast=TKACIK |accessdate work=2011-03-04[[AOL]] | date=11 February 2010}}</ref>
==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 has used his media exposure to support the image of Wall Street, launching rallies and a website,<ref>{{cite web |url=http://www.restorewallstreet.com/ |title=Restore Wall Street |publisher=Restore Wall Street |accessdate=2011-03-04}}</ref> to improve the image of stock traders.<ref name="rally">{{cite newspapernews |url=httphttps://www.nytimes.com/2010/01/28/nyregion/28bankers.html |title=New Embattled Minority: Wall Street Brokers |author=Kleinfeld, N. R. |newspaper=The New York Times |date=27 January 2010 |accessdate=2011-03-04}}</ref>
==Controversy==
The ''[[New York Post]]'' looked into the "shady" past of Thomas Belesis in an April 2012 article. <ref name="Shady Past for Wall Street Mr. Clean">{{cite webnews|title=Shady Past for Wall Street Mr. Clean|url=http://www.nypost.com/p/news/business/shady_past_for_wall_st_mr_clean_m20yXSYlcdqvgSeE4hhvRO | work=New York Post | first=Kaja|last=Whitehouse|date=6 April 2012}} </ref> 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.<ref name="John Thomas Financial being probed by brokerage industry, SEC and FBI">{{cite webnews|title=John Thomas Financial being probed by brokerage industry, SEC and FBI|url=http://www.nypost.com/p/news/business/cameo_calamity_LhJthdmD5SGLgDzTEFRc5J | work=New York Post | first=Kaja|last=Whitehouse|date=7 February 2013}} </ref> The articles reported on Belesis being served with a [[Wells notice]], and the potential for the investigation to result in prosecution. <ref name="Cameo Calamity II: Belesis in cross hairs">{{cite webnews|title=Cameo Calamity II: Belesis in cross hairs|url=http://www.nypost.com/p/news/business/cameo_calamity_ii_belesis_in_cross_EW2itdeUgFjTstQqH9JuSK | work=New York Post | first=Kaja|last=Whitehouse|date=14 February 2013}} </ref> Other articles in [[Bloomberg L.P.|Bloomberg]]<ref name="interviewed former employees and questioned whether the business practices and sales tactics of John Thomas Financial: Theconstituted Other Sidethose of Walla Streetboiler room.<ref name="boiler"/><ref>{{cite webnews | title=John Thomas Financial: The Other Side of Wall Street | url=httphttps://www.businessweekbloomberg.com/news/articles/2013-02-28/john-thomas-financial-the-other-side-of-wall-street}} </ref>| interviewedfirst=Zeke former| employeeslast=Faux and| questionedwork=[[Bloomberg whetherL.P.]] the| businessdate=28 practicesFebruary and sales tactics of John Thomas Financial constitute those of a boiler room.2013}}</ref>
==References==
{{reflist}}
{{Use dmy dates|date=July 2011}}
[[Category:Former investment banks of the United States]]
[[Category:American companies established in 2007]]
[[Category:Companies based in New York]]▼
[[Category:Investment banks]]
[[Category:Financial services companies established in 2007]]
[[Category:Banks established in 2007]]
[[Category:Financial services companies disestablished in 2013]]
[[Category:Banks disestablished in 2013]]
▲[[Category:CompaniesFinancial services companies based in New York (state)]]