Tommy Belesis, the founder and CEO of brokerage firm John Thomas Financial, is facing disciplinary action from the industry’s watchdog.
Belesis disclosed yesterday he has received a Wells notice from the Financial Industry Regulatory Authority. The self-regulator has the power to bar, suspend and fine wayward brokers.
The Post exclusively reported last week that JTF is also being probed by the Securities and Exchange Commission and the FBI.
Finra’s staff has initiated disciplinary proceedings against him for alleged violations, including selling the brokerage’s holdings before executing client orders, according to the notice, which was sent on Jan. 10.
Belesis — known for a cameo in Oliver Stone’s “Wall Street: Money Never Sleeps” — is also accused of making “material misrepresentations” to customers about his failure to sell their stock as requested, according to his updated Finra records.
Belesis, who has admitted to a checkered past of stealing cars and using drugs, was also accused of artificially inflating stock prices.
Although JTF didn’t return a request for comment, Belesis noted in his brokerage record that he “intends to contest and defend these allegations vigorously.”
The Finra investigation centers on America West Resources Inc., a small Salt Lake City-based coal company that JTF helped raise money for in 2011. Finra is looking at whether Belesis and JTF sold a stake in America West during a one-day run-up in the stock last February, according to people familiar with the investigation.
America West shares rose to $1.29 before plunging to 65 cents the following day.