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'''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=http://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">http://www.nypost.com/p/news/business/financial_finale_vPYmkoK5S19zEKvWWQ9trJ</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 a [[retail brokerage]] services, the firm claimed to raise [[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 web |url=http://www.jtfblog.com/john-thomas-financial-leaders/ |title=Thomas Belesis - CEO |publisher=John Thomas Financial |accessdate=2011-03-04}}</ref>{{deadlink}}
==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 newspaper |url=http://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 web|title=Shady Past for Wall Street Mr. Clean|url=http://www.nypost.com/p/news/business/shady_past_for_wall_st_mr_clean_m20yXSYlcdqvgSeE4hhvRO}} </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 web|title=John Thomas Financial being probed by brokerage industry, SEC and FBI|url=http://www.nypost.com/p/news/business/cameo_calamity_LhJthdmD5SGLgDzTEFRc5J}} </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 web|title=Cameo Calamity II: Belesis in cross hairs|url=http://www.nypost.com/p/news/business/cameo_calamity_ii_belesis_in_cross_EW2itdeUgFjTstQqH9JuSK}} </ref> Other articles in [[Bloomberg L.P.|Bloomberg]]<ref name="John Thomas Financial: The Other Side of Wall Street">{{cite web|title=John Thomas Financial: The Other Side of Wall Street|url=http://www.businessweek.com/articles/2013-02-28/john-thomas-financial-the-other-side-of-wall-street}} </ref> interviewed former employees and questioned whether the business practices and sales tactics of John Thomas Financial constituteconstituted those of a boiler room.<ref name="boiler"/>
==References==
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