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If Threatening To Hit An Employee With His Car Is Wrong, Tommy Belesis Doesn’t Want to Be Right

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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36 Responses to “If Threatening To Hit An Employee With His Car Is Wrong, Tommy Belesis Doesn’t Want to Be Right”

  1. Z100 Capital LP says:

    Investing in hedge funds managed by radio hosts is the NKI

  2. Jim Young says:

    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. guest says:

    This guys the poster boy of who not to admit.

    -Meat packing district bouncer, aka B&T filter

  4. guest says:

    You can take a greek out of a dinner….

  5. Guest says:

    “Businessman Man of the Year"

  6. .Bo says:

    That picture will haunt my dreams.

  7. guest says:

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

    -Oliver Stone

  8. Lynn Tilton says:

    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.

  9. Guest says:

    “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…

    • Lionel Hutz says:

      "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."

  10. Bankster Rap says:

    Belesis and Rick Golod; seperated at birth?

  11. Labeouf me says:

    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.

  12. lingo? says:

    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

    • tiger says:

      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.

  13. guest says:

    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?

  14. Sam Adams says:

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

  15. DingALing says:

    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.

  16. Guest says:

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

  17. Yaniv Vaknin says:

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

  18. JJ Minehan says:

    .

    What a major CHIMP

    .

  19. Roger says:

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

  20. anny says:

    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. http://www.globalwarmingweb.com/