WASHINGTON (AP) — The Financial Industry Regulatory Authority said Monday that it has filed a complaint that charges hedge fund John Thomas Financial, its CEO Anastasios “Tommy” Belesis and several other staff members with fraud tied to a sale of stock in America West Resources Inc.
The private industry watchdog said that the New York company and many of its customers owned stock in America West. It says the company sold its shares in the coal producer at the height of a spike in stock price, reaping proceeds of more than $1 million. John Thomas Financial also received at least 15 customer orders to sell more than 1 million shares, but FINRA says it only entered one of those orders and prevented the other orders from being executed the day they were received.
