Remember Tommy Belesis? Founder and CEO of preeminent boiler room John Thomas Financial? Breakout star of Wall Street 2: Money Never Sleeps? Mentor to Shia Labeouf? Guy who enforces rules at his shop about not letting junior employees sit down, who has cultivated an atmosphere in which senior brokers rub the balls of a bull every morning for good luck and walk around saying things like “motion creates emotion” without any irony, and who generally gives the impression he proudly displays towels in his guest bath that have been hand-stitched with the phrase “Don’t pitch the bitch,” which he make sure to point out during house tours? This may come as a surprise, as it seems so out of character, but he’s been charged with fraud and intimidation that in one instance involved suggesting an employee ought to look both ways before crossing the street.

The charges represent the latest in a string of setbacks for Belesis, a regular talking head on CNBC and Republican fund-raiser who has been honored by New York’s GOP leaders as “Businessman Man of the Year.” Last month, Belesis was slapped by the Securities and Exchange Commission. The regulator filed an administrative action against Belesis and George Jarkesy, a Houston radio host, for allegedly deceiving investors in two hedge funds Jarkesy managed in order to enrich themselves at the investors’ expense. Both men denied the allegations. Finra, the brokerage industry’s self-regulatory body, said Belesis and other JTF staffers conspired to block the firm’s brokers from selling clients’ shares of America West Resources, a tiny Salt Lake City-based coal company, in February 2012. At the time, the stock was in the midst of a 600 percent run up, and Belesis allegedly unloaded the firm’s shares — allowing JTF to pocket $1 million, according to the complaint. Customers were less fortunate. Out of the 15 sell orders JFT received that day for AWSR, only one was executed, Finra said. The company filed for bankruptcy earlier this year, rendering customers’ investments “virtually worthless,” the complaint read.

Belesis was also charged with intimidating and harassing brokers who questioned him or tried to leave the firm. He threatened to run over one broker “in the street” because the broker complained about the quality of the people being brought in to give investment presentations, according to the complaint. The watchdog said he also threatened to improperly mark up the broker’s license to undermine the broker’s ability to get another job. Upon firing another broker, Belesis screamed: “f–k you, you’re done in this business, you’re done in this business, get the f–k out of here,” according to the complaint.

Finra charges Wall Street boss Thomas Belesis and four staffers with fraud, intimidation [NYP]
FINRA Files Complaint Charging John Thomas Financial, CEO Tommy Belesis With Fraud [BusinessWire]
Related: “Brokers who show up with stubble are sent to the bathroom, where a bow-tied attendant dispenses razors, cologne and candy.”

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Comments (36)

  1. Posted by Z100 Capital LP | April 15, 2013 at 1:42 PM

    Investing in hedge funds managed by radio hosts is the NKI

  2. Posted by Jim Young | April 15, 2013 at 1:44 PM

    You Want details? Fine. I drive a Ferrari, 355 Cabriolet, What's up? Also, if you leave this place I will run you the f*ck over with said Ferrari, What's up?

  3. Posted by guest | April 15, 2013 at 1:44 PM

    This guys the poster boy of who not to admit.

    -Meat packing district bouncer, aka B&T filter

  4. Posted by guest | April 15, 2013 at 1:47 PM

    You can take a greek out of a dinner….

  5. Posted by Guest | April 15, 2013 at 1:47 PM

    “Businessman Man of the Year"

  6. Posted by ROE | April 15, 2013 at 1:49 PM

    That's why I'm leaving, my P&L was 10K last year and your gonna wreck a ferrari for that ?

  7. Posted by .Bo | April 15, 2013 at 1:49 PM

    That picture will haunt my dreams.

  8. Posted by guest | April 15, 2013 at 1:53 PM

    So basically he’s going from recommending Hydra Offshore to Hide-a-Offshore.

    -Oliver Stone

  9. Posted by Lynn Tilton | April 15, 2013 at 1:55 PM

    I find that sitting down on the employee during the exit interview and having a spirulina shake and an orgasm together go a long way to preventing these sorts of lawsuits.

  10. Posted by Guest | April 15, 2013 at 2:02 PM

    “f–k you, you’re done in this business, you’re done in this business, get the f–k out of here,”

    Are you sure that was Belesis? Sounds a lot like Christie at a senate hearing…

  11. Posted by Guest | April 15, 2013 at 2:03 PM

    Everyone who lives in Manhattan is totes totes.

  12. Posted by Guest? | April 15, 2013 at 2:09 PM

    Morning Zoo Limited Partners: Wake up to the WACKIEST investment ideas in New York.

  13. Posted by Lionel Hutz | April 15, 2013 at 2:12 PM

    "Your Honor, surely anyone with John Thomas Financial on his resume will find it difficult to regain employment in the Financial Services Industry. And, while this advice was given in a boisterous manner, it is certainly more akin to a "heads-up" than a threat."

  14. Posted by Guest | April 15, 2013 at 2:14 PM

    Do cars really impress girls anywhere? Maybe in Texas, I guess.

  15. Posted by Bankster Rap | April 15, 2013 at 2:42 PM

    Belesis and Rick Golod; seperated at birth?

  16. Posted by guest | April 15, 2013 at 2:44 PM

    Maybe everywhere. Don't believe what they tell you.

  17. Posted by Labeouf me | April 15, 2013 at 2:44 PM

    I've known some great Ron's in my life, Ron Mexico, Captain Ron, Ron Darling, but Ron Cantalupo is by far the greatest of all.

  18. Posted by lingo? | April 15, 2013 at 2:50 PM

    pretty certain being 'run over in the street' has a different connotation in trading parlance than it does basically everywhere else, but leave it to the press to run with a story like this one

  19. Posted by guest | April 15, 2013 at 2:51 PM

    With foresight like this shown by its leadership, I'm surprised the GOP isn't stronger in New York. Suspiciously profitable "brokerages" rarely end with indictments, industry bans and embarrassing headlines, so why not hitch your wagon to the founder of one of them?

  20. Posted by Guest | April 15, 2013 at 3:02 PM

    George Michael: Wow! I'm Mr. Manager!
    Michael: Well, manager. We just say manager.

  21. Posted by Shia la Douche | April 15, 2013 at 3:06 PM

    This coming from the guy who said Google was a bubble.

  22. Posted by Sam Adams | April 15, 2013 at 3:08 PM

    John Thomas is one of the greatest investors of our generation.

  23. Posted by DingALing | April 15, 2013 at 3:37 PM

    Anyone find the irony in Oliver Stone wanting to create WS2 to expose the greed and corruption of Wall Street firms and inadvertently asks this guy to play the role of someone legitimate?

    -Guy who is probably on his own with this thought but fuck it, it's Monday.

  24. Posted by Guest | April 15, 2013 at 3:54 PM

    I was in Mexico once and drank the water… body was wracked by the worst case of Belesis the doctors had ever seen.

  25. Posted by ROE | April 15, 2013 at 4:00 PM

    With an age limit/ inverse ratio.

  26. Posted by ROE | April 15, 2013 at 4:01 PM

    with an age limit

  27. Posted by Yaniv Vaknin | April 16, 2013 at 4:36 AM

    Linking to NYP?? really??! how about worldNUTdaily…go crazy

  28. Posted by Guest | April 16, 2013 at 7:16 AM

    Try picking up your date on the bus. Let me know how that works out for ya.

  29. Posted by J. Paulson | April 16, 2013 at 9:41 AM

    What about hedge fund managers switching over to radio?

  30. Posted by ina drew | April 16, 2013 at 12:40 PM

    what the hell are you talking about?!?!?! how did drinking water give you a foot fungus?

  31. Posted by tiger | April 18, 2013 at 1:18 PM

    he was know to become very physical with his employees and testified in a triple murder case against his friend who committed the murders… as someone who worked there I can say without a doubt that the majority of the people in the room took it as actually run you over with a car in the street.

  32. Posted by tiger | April 18, 2013 at 1:19 PM

    he played the greedy MD in the film

  33. Posted by JJ Minehan | April 19, 2013 at 9:59 PM


    What a major CHIMP


  34. Posted by Guest | April 21, 2013 at 4:37 AM


  35. Posted by Roger | May 1, 2013 at 3:21 AM

    Mike Murphy of Rosecliff and olympia capital markets is the next to go down…guy runs a similar boiler room pump and dump…

  36. Posted by anny | June 24, 2013 at 6:24 AM

    I have come to the conclusion that we all have a little blame global warming and its consequences and guilt even more politicians who do not slow down.