Category Archives: John Thomas Financial

Nicholas Parisi-Former Aegis Capital Broker-Discloses Pending Customer Dispute & Outstanding Liens

August  2016-New York

The FINRA records of Nicholas Parisi ,  a  stock broker who is currently  unlicensed and who was most recently employed  by Aegis Capital Corp.  , disclose a pending customer dispute and 2 outstanding judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the pending dispute, FINRA Case #16-0031, a customer of Aegis Capital alleges damages of $135,000 for  the period from February 2012 through May 2012.

Parisi discloses 2 outstanding tax liens; one to the Internal Revenue Service in the amount of $33,792.88 and one to the NY State Department of Taxation and Finance in the amount of $10,718.53.

Parisi was employed by Aegis Capital Corp. from 7/2010 – 5/2016. Prior to that he was employed by John Thomas Financial, a firm expelled by FINRA in 10/2013.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James B. Schwartz-Former Aegis Capital Broker-Discloses Three Pending Customer Disputes

UPDATE -January 2017-New pending customer dispute. Robert Estevez’s public records disclose that in 11/2016, customer of Paulson Investment Company alleged damages of $1.2 million for unsuitable investment recommendations and unauthorized trading from January 2010-August 2011. As of 12/2016, Schwartz is registered with Joseph Gunnar & Co.

Original Post–July 2016-Garden City, New York

The FINRA records of James B. Schwartz ,  a  stock broker currently employed  by First Standard Financial Co.  , disclose 3 pending customer disputes, 1 prior final customer dispute and 6 currently outstanding judgement/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The currently pending disputes include:

  • In June 2016 a customer of Schwartz’s prior employer, Aegis Capital Corp. alleges damages of $2,000,000 for unsuitable recommendations and mishandling their account from June 2013-January 2016. UPDATE January 2017-This case was settled for $782,000.
  • In pending FINRA Case #15-3428, another Aegis Capital customer alleges damages in excess of $287,000 for excessive trading, negligence, breach of fiduciary duty and unsuitable recommendations.
  • In pending FINRA Case #15-2901, another Aegis Capital customer alleges damages of $289,163 for for unauthorized trading, negligence, breach of fiduciary duty and misrepresentation. UPDATE January 2017-This case was settled for $95,000.

Schwartz discloses six tax liens to the Internal Revenue Service and New York State Taxation. Amounts range from $1,775 to $116,932.

Schwartz was only recently employed by First Standard Financial Co. in June 2016.   Prior to that he was employed by Aegis Capital Corp from 6/2013-6/2016 and before that John Thomas Financial (expelled by FINRA 10/2013.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steven R. Luftschein-Aegis Capital Broker-Discloses $2M Customer Dispute

July 2016-Melville, New York

The FINRA records of Steven R. Luftschein ,  a  stock broker currently employed  by Aegis Capital Corp. , disclose a pending customer dispute and 11 prior final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending dispute, received in June 2016 , a customer of Aegis Capital  alleges damages of $2,000,000  for unsuitable investment recommendations and mishandling of their account from June 2013-January 2016.

The prior customer disputes include:

  • FINRA Case 10-03873 in which a customer of Luftschein’s prior employer, GunnAllen Financial, alleged damages of $1,000,000 for failure to supervise. That case was settled for $275,000.
  • NASD Case 06-3161 in which a customer of Luftschein’s prior employers Investec Ernst and Maxim Group alleged damages of $392,387 for excessive and unauthorized trading in unsuitable securities and use of margin without authorization. That case was settled for $77,500.

Luftschein has been employed by Aegis Capital since  6/2013. Prior to that he was employed by John Thomas Financial (expelled by FINRA 10/2013) and before that Rockwell Global Capital.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Christos A. Kalatoudis-Former Worden Capital Broker-Discloses Regulatory Events & Pending Judgment/Liens

July 2016-Lake Success, New York

The FINRA records of Christos A. Kalatoudis ,  a currently unlicensed stock broker who was last employed by Worden Capital Management, disclose  2 prior regulatory events,  4 prior finalized customer disputes and 2 outstanding judgement/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In May 2016 FINRA suspended Christos A. Kalatoudis for failing to respond to a FINRA request for information . FINRA Case# 2015047385601. In January 2016 FINRA suspended Kalatoudis for failing to comply with an arbitration award or settlement agreement or to satisfactorily respond to FINRA to provide information concerning the status of compliance. FINRA Case# 14-02428.

In FINRA Case 14-02428, a customer of his prior employer John Thomas Financial brought an arbitration alleging that Kalatoudis concentrated their accounts in unsuitable and risky investments, including ‘inverse’ exchange traded funds, short term puts and private placements. At the conclusion of the arbitration the FINRA panel ordered Kalatoudis to pay the customers $180,781. Young v Kalatoudis, et al. 

FINRA records disclose two outstanding judgments or liens against Kalatoudis. The IRS has a lien for $287,786 and there is a judgment in the amount of $3,986 in favor of 2 Gold LLC.

Christos A. Kalatoudis was employed by Worden Capital Managment from 11/2013-1/2016. Prior to that he was employed by a number of firms, including: National Securities Corporation, John Thomas Financial (expelled by FINRA 10/2013), and Joseph Gunnar & Co. 

If you have losses in an account handled by Christos A. Kalatoudis call to learn how you may be entitled to collect damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Johnathan W. McHale-Former PHX Financial Broker-Makes Numersous Diclosures On FINRA Record

New York

According to FINRA records,  Johnathan W. McHale   a stock broker  formerly employed by PHX Financial , discloses seven final customer disputes, a termination and 7 pending judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In FINRA Case 11-3515, a customer while McHale was employed by John Thomas Financial alleged damages of $859,000 for mishandling the account for the sole purpose of generating commissions. That case was settled for $285,000.

McHale discloses seven judgments/liens, including a lien for $585,399.29 to the Internal Revenue Service.

McHale was been employed by PHX Financial from 2/2014-3/2016. Prior to that his employment includes National Securities Corporation and John Thomas Financial.

If you have questions about an account handled  by Johnathan W. McHale, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Christopher Veale–Former Legend Securities Broker Sanctioned by Regulator

UPDATE March 28, 2016- Christopher Veale‘s FINRA record reports 11 prior customer complaints that have been resolved and one pending dispute. See this for more. 

August18, 2015,

Christopher Frederic Veale , entered into an Order Accepting Offer of Settlement (Order)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he did not timely comply with FINRA requests that he provide information and testimony in connection with a FINRA investigation that he did not timely report outstanding tax liens and judgments of over $700,000.

Disciplinary Proceeding No. 2015044099801

Veale was suspended for 12 months and assessed a fine of $5,000. According to FINRA records, Veale has been registered with 17 different firms since 1994, including the following:

Legend Securities                                        5/2013-2/2015

John Thomas Financial                            4/2013-5/2013

Meyers Associates                                     11/2012-3/2013

If you suffered damages in an account handled by Christopher Veale you may be able to recover damages from his employing firm. Call us to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Update on John Thomas Financial/Tommy Belesis

Following up on our recent post regarding the investigation of John Thomas Financial and its CEO Tommy Belesis for stock manipulation,  Belesis  was recently served with a Wells Notice.

FINRA’s BrokerCheck website indicates that on January 11, 2013 he was served a Wells Notice from FINRA stating that he:

 “willfully or recklessly sold a substantial portion of a firm
proprietary position while failing to execute customer orders to sell
shares of the same stock, at prices that would have satisfied the
unexecuted orders,”  and that he “failed
to follow instructions by the customers to sell the shares.”

A Wells Notice is a letter sent by regulators to people or  firms when it is planning on bringing an enforcement action. If you would like to review the profile of Belesis or John Thomas Financial on FINRA’s website, see here for more information.

We have been helping investors nationwide recover stock market losses for 25 years.

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561 391 1900