Thursday, 28 August 2014
Last updated 7 min ago
Dec 10 2013 | 12:09pm ET
Noted boiler-room operator Anastasios Belesis has agreed to a one-year ban from the securities industry for allegedly defrauding investors in two hedge funds.
Belesis, known as "Tommy," "exercised undisclosed influence" on right-wing talk-radio host George Jarkesy's two hedge funds, the John Thomas Bridge and Opportunity funds, according to the Securities and Exchange Commission. Belesis' firm is John Thomas Financial.
According to the SEC, Belesis and Jarkesy misled investors about the funds' independence. Jarkesy allegedly inflated the funds' values to allow Belesis to collect higher fees. Belesis allegedly bullied Jarkesy into ponying up more money, demanding additional fees in a "profane and belligerent manner."
The SEC said that John Thomas Financial did "nearly inconsequential work" for the hedge funds.
Belesis did not admit or deny wrongdoing as part of the deal, which requires him and John Thomas to pay $1 million in fines. Belesis is also barred from working on penny-stock offerings—he still faces allegations of penny-stock fraud filed by the Financial Industry Regulatory Authority.
Jarkesy was not named in the settlement. In March, he denied any wrongdoing.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...