DD Support Board and Research Team

[nodummy]

re: LBSV/AWSR and Tommy Belesis


http://www.investmentnews.com/article/20130208/FREE/130209937

In January, John Thomas, which is run by chief executive and owner Anastasios “Tommy” Belesis, sued the five ex-brokers, along with National Securities Corp., the firm they joined.

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According to affidavits filed in response to the lawsuit, John Thomas, through Mr. Belesis, promoted at least one “pump and dump” stock scheme and recently filed a complaint with the New York City Police Department against the ex-brokers, claiming that the brokers engaged in theft of property and fraud.

Mr. Belesis and other principals of John Thomas use promoters to present securities and companies to the firm's representatives to get the brokers to sell the securities to increase the price of the shares. At the same time, the firm instructs promoters to sell into the market, according to the affidavits.

One example of a “pump and dump” scheme occurred with Liberty Silver Corp., a company that John Thomas recommended to its clients, according to the affidavits.

Mr. Belesis “runs a boiler room operation like a tyrant,” hollering and screaming at reps during the day, according to the brokers' testimony. “He tells registered reps to essentially ignore their client's investment objectives and tries to push securities on clients that are far from appropriate.”

Richard Roth, the brokers' attorney, said he was appalled at the brokers' treatment by John Thomas. “John Thomas' aggressive action was astonishing,” Mr. Roth said. “I have never seen such venomous conduct in my career.”

He added that John Thomas withdrew the case this week. Mr. Belesis did not return calls seeking comment.

Troubles continue to mount for Mr. Belesis and his firm. On Thursday, the New York Post reported that John Thomas was under investigation by the FBI, the Securities and Exchange Commission and the Financial Industry Regulatory Authority Inc. for alleged misconduct in selling stock.

The New York Post Article:

http://www.nypost.com/p/news/business/cameo_calamity_LhJthdmD5SGLgDzTEFRc5J

Another Related Write-up:

http://seekingalpha.com/instablog/1771021-robert-rex/1533511-john-thomas-financial-tommy-belesis-subject-of-fbi-investigation



More TB background from the New York Post

http://www.nypost.com/p/news/business/shady_past_for_wall_st_mr_clean_m20yXSYlcdqvgSeE4hhvRO

http://www.nypost.com/p/news/business/bahama_bummer_2dgXkvO2ea14lr4cAlNf7K