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.
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