. ▁ ▁The ▁New ▁York ▁Post ▁looked ▁into ▁the ▁" sh ady " ▁past ▁of ▁Bel esis ▁in ▁a ▁series ▁of ▁articles ▁beginning ▁in ▁ 2 0 1 2 . ▁ ▁In ▁early ▁ 2 0 1 3 , ▁another ▁series ▁of ▁New ▁York ▁Post ▁articles ▁covered ▁an ▁investigation ▁by ▁the ▁Fin an cial ▁Indust ry ▁Reg ul atory ▁Author ity ▁( F IN RA ) ▁into ▁the ▁deal ings ▁of ▁John ▁Thomas ▁Fin an cial . ▁ ▁Other ▁articles ▁in ▁Blo om berg ▁interview ed ▁former ▁employees ▁and ▁question ed ▁whether ▁the ▁business ▁practices ▁and ▁sales ▁tact ics ▁of ▁John ▁Thomas ▁Fin an cial ▁constit uted ▁those ▁of ▁a ▁bo iler ▁room . ▁ ▁SE C ▁Investig ation ▁ ▁On ▁ 2 2 ▁March ▁ 2 0 1 3 , ▁the ▁United ▁States ▁Sec ur ities ▁and ▁Exchange ▁Commission ▁( SE C ) ▁announced ▁charges ▁against ▁Bel esis , ▁alleg ing ▁that ▁he ▁and ▁an ▁influ ential , ▁Houston - based , ▁radio ▁host ▁def ra ud ed ▁invest ors ▁in ▁two ▁h edge ▁funds . ▁ ▁The ▁charges ▁al lege ▁that ▁George ▁R . ▁J ark es y ▁Jr ., ▁worked ▁closely ▁with ▁Bel esis ▁to ▁launch ▁two ▁h edge ▁funds ▁that ▁raised ▁$ 3 0 ▁million ▁from ▁invest ors . ▁J ark es y ▁and ▁his ▁firm ▁John ▁Thomas ▁Capital ▁Management ▁( since ▁renamed ▁Patri ot 2 8 ▁L LC ) ▁infl ated ▁valu ations ▁of ▁the ▁funds ’ ▁assets , ▁causing ▁the ▁value ▁of ▁invest ors ’ ▁shares ▁to