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Exclusive: Secrets From The Sexist

Pitchbook Of One Of Wall Streets More
BuzzFeed has obtained the Golden Pitchbook used by top brokers at John
Thomas Financial. In its pages: How cold-calling brokers pressure prospects to buy
stocks from the troubled rm.

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posted on May 22, 2013, at 8:27 a.m.

Mariah Summers
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John Thomas Financial founder Tommy Belesis in the 2010 lm Wall Street: Money Never Sleeps.
Courtesy of 20th Century Fox.

John Thomas Financial Inc. is a brokerage house straight out of the movie Boiler
Room, with brokers fueled by vending machines stocked with nothing but energy
drinks and music from Rocky lms blaring from speakers. Its founder, Anastasios
Tommy Belesis, even had a role in the sequel to Wall Street.
Junior brokers cold-call prospects for up to 14 hours a day, working from a
memorized script that they rehearse by screaming pitches across the room to each
other before the opening bell, a former employee of the rm told BuzzFeed.
BuzzFeed obtained both that script, used by brokers of every level at the 200employee rm, as well as another script known internally as the Golden Pitchbook,
which is given only to a privileged few senior brokers at the rm. Considered a
performance reward for top brokers, the Golden Pitchbook is handed down from
their mentors at the rm who have also received the elusive tome, the source said.
Its secret, privileged information, said the source. Some people at the rm dont
even know about it.

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The books origins date to the 1980s at Bear Stearns, and it has gone through
various iterations on its journey into the hands of the lucky JTF broker who, after
impressing superiors, is walked down the street to a Kinkos, where senior brokers
supervise the books copying and hand-off.
Its a reward for senior brokers to give to junior brokers on their team as an
investment in them, the source said. Once they had it, they used it all the time.

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The book offers a rare behind-the-scenes look into the world of high-pressure, hardscrabble Wall Street stock jockeying, featuring detailed scenarios and responses
used to pitch stocks to prospective clients.
The aggressive pitch tactics in the book and supporting JTF documents, such as
what one scenario described by the source as Dont Pitch The Bitch, have caught
the attention of the FBI, the Securities and Exchange Commission, and the Financial
Industry Regulatory Authority.

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In March, the SEC charged Belisis with fraud for a hedge fund scheme in which he
steered bloated fees to JTF. A month later, Finra led a formal complaint against JTF
regarding the rms actions in Februrary 2012, when it allegedly pushed shares of
America West Resources, Inc. (AWSR) common stock on investors, thus inating the
price. Brokers at the rm also allegedly failed to execute sale orders for clients in a
timely manner but sold the majority of its proprietary shares for a more than $1
million prot.

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The rms alleged failure to execute at least 14 client sell orders lost investors
thousands, and America West is now in bankruptcy. In an even more outrageous
twist, the Finra complaint accuses Belesis of intimidating employees with threats of
maligning their broker records and, in one case, running over an employee with his
Against that backdrop, here are some of the techniques outlined in the Golden
Pitchbook used by JTF brokers. The rms attorney, Robert Bursky, in February told
Bloomberg it did not use high-pressure tactics. He said at the time it doesnt use
scripts. Bursky did not respond to BuzzFeeds requests for comment.

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Has Sold More Than 3 Million Copies

Scenario #1: Speak to My Wife/Dont Pitch the Bitch

When a potential client (prospect) told a JTF broker he wanted to speak to his wife

before placing an order, the broker would offer a series of rebuttals designed to
pressure the prospect to buy immediately. According to a source familiar with the
rm, this method is referred to internally at JTF as Dont Pitch the Bitch, a bit of
industry jargon made famous in Boiler Room that discourages brokers from making
sales pitches to women and implores male prospects not to involve their wives or
girlfriends in stock-buying decisions.

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(Prospect) if you want to call me back so you can ask your wife if you can buy the
stock, I will call my wife and see if I can sell you the stock, come on! You make
business decisions daily without your wife.
Lets face it, if you go home and tell your wife that you want to invest with a broker
whom you dont know very well, chances are you will be hit with a frying pan and
spending the night on the couch. However, once she sees my brochure from the rm
and a dossier that I send you in the FedEx package with a buy conrmation, what do
you think she is going to say? Besides, it is a lot easier to beg for forgiveness than to
ask for permission right?

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Should I send it to your home where your wife will throw it out or to the oce where
you will put it by your merchant banker book that you never read either?

Scenario #2: Not Interested/The Slap and Hug

If a prospect told a JTF broker at-out that he was not interested, the broker would
use a technique called the slap and hug to essentially belittle the prospect before
building him back up through kindness or feigned concern. Brokers also used
reverse technique, the hug and slap, at times.

I have never in my life met anyone who wasnt interested in making serious money.
(Firm) is making more serious money for people than anyone out there. It is not that
you are not interested, something else is bothering you. I am a problem solver.
Perhaps if you tell me what your actual concern is, I could help.

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Scenario #3: The Long-Term Relationship

JTF brokers want prospects to know that they are in this thing for the long haul, but
they are denitely NOT gay.

Lets face it, your rst step is the hardest. I am not looking for a one night stand. You
married your girlfriend right? Let me ask you a question, you met your wife, but you
did not jump into bed with her on the rst night did you? Of course not!! Maybe you
held her hand or maybe even kiss. Well look, I am not looking to jump into bed with
you or even get a kiss, I simply want you to hold my hand with 100 shares and [in] 36 months you are gonna (sic) want to get into bed with me quite frankly. I am not that
guy [laugh]. So do the 100 shares not because its good for me, but because it is
good for you.

Scenario #4: This Company Is Going to Be Bought

Soon So You Need to Buy Now

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To coax a reluctant prospect into buying immediately, the script contains a boilerplate
response scenario suggesting that whatever stock the broker is pitching is about to
get acquired, likely for a premium.

More importantly, when I have timed it with a near term event I have made a
tremendous amount of money the event here is a possible takeover. We are not
buying this stock for earnings; we are buying it for a takeover, which I feel is eminent.

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Scenario #5: My Clients Are Rich and Smart, Unlike

And the more you invest with JTF, the better your chances of becoming rich.

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I want to say sincerely: I have many clients with net worths ranging between $500K
to $50 millionIf I could just show you what lies ahead in the future and the types of
deals I get involved with, I know you would be very impressed.
My rm has turned the average investor into millionaires and the millionaires into
multi-millionaires. Not on one trade, but on a series of 3-4 transactions over a 1-2
year time frame.

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Scenario #6: You Have Money, You Just Dont Want to

Give It to Me

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A client claiming to not have money to invest is considered an insult, or an outright

lie. Literally.

No disrespect, but you telling me you are not liquid is an insult to both you and me!
A guy with (amount) in the market has a couple hundred in the bank to back it up.
There is always an excuse not to buy stock, but there is never an excuse not to make
Guys like you dont ever let your bank accounts fall below 6 gures. Its not that you
cant do it, its that you wont do it. I am going to buy you (shares) of (stock) at (price),
money is due in one week but make me a promise. When I am not just right but
exactly right, next time out we work in size and you send me 3 of your golng
(Prospect) if I offered you a Rolls Royce in min[t] condition today for $10,000 could
you come up with the money? OF COURSE YOU COULD!! Lets be candid, if you like
my idea today, you could come up with ten times that amount.

Scenario #7: Trust Us, We Did the Research for You

The script takes pains to instruct brokers in ways to avoid sending additional
information requested by the client on the stock being pitched.





By the time you get information or research reports, you are buying the stock 5
points higher. The way to make money in this business is to buy in to fundamentally
sound companies that are timed with near term events or catalysts. With this
approach I have made a fortune for a select group of individuals.
Ok (prospect) Fine! I have no problem with that, but let me ask you something rst,
correct me if I am wrong. What youre telling me is that if I send you the information
you want about the company and it mentions the merits I described, that you will
open an account? (NO) Then obviously (prospect) the request for information is not
your real concern.

Scenario #8: Buy Now or You Will Miss Out

Please understand, the secret of our program is matching timing opportunity. If we
thought next month was the time to buy, I would not be calling you today. I would be
calling you next month. You need to understand what we are doing here. I can
appreciate now may be a bad time, but unfortunately the market is not going to wait
for you. Lets be honest, when I call you back you will ask me to call you back again,
then it will be tax time. To make exceptional returns, you must but on value and at the
right timing. You know what sir? Your worst nightmare is to work with a broker who
brings you a winning situation and is willing to play phone and mail tag with you. We
both dont have time for it. The reason my clients retain a broker like myself is for my
exact pricing and timing. Without these 2 tools, you are tying my hands behind my
back I may as well work at Charles Schwab.

Bonus Scenario: Misusing the Term Fiduciary

One response in the pitchbook says that JTF brokers have a duciary responsibility
to call back individuals whom they have spoken to.
The use of the term duciary responsibility is problematic in that it grossly misstates
the brokers professional standards of conduct when it comes to the relationship with
a prospect. By law, the SEC does not require brokers to have a duciary duty to their
clients, only nancial advisers.
In fact, the commission has been pushing to change the laws pertaining to nancial
services professionals and their duciary responsibility to their clients, and has even
acknowledged that investors are confused by the level of duciary responsibility their
nancial planning professional has to them.
The SEC has formally recommended a rule that would implement a uniform duciary
standard of conduct for broker-dealers and investment advisers when providing
personalized investment advice about securities to retail customers.
Like, say, customers who may have just bought the next America West from a broker
at John Thomas Financial.

The Golden Pitchbook





Binn Ce Aib`

9. K give aeeo ko tge auskoess nfoh eofuhg tf `ofw tgit binn aib`s mf oft wfr`. Oft
aebiuse yfu ire oft koterestem, aut aebiuse yfu give ftger tgkohs tf wfrry iafut.
Drfc tge fddkbe tf dickny, yfu give cfre kcpfrtiot tgkohs tf wfrry iafut. K ic
is`koh yfu tf net ce mf tge wfrrykoh dfr yfu!
1. Ay meniykoh, yfu restrkbt fur iaknkty tf mf fur lfa. Untkciteny, tge fony true test ks
resunts< wgeo tf auy, wgeo tf senn. K ic is`koh yfu tf lumhe ce fo tgit iom tgit
2. Zneise uomerstiom, tge sebret fd fur prfhric ks citbgkoh tkckoh fppfrtuokty. Kd
we tgfuhgt oext cfotg wis tge tkce tf auy, K wfunm oft ae binnkoh yfu tfmiy. K
wfunm ae binnkoh yfu oext cfotg. [fu oeem tf uomerstiom wgit we ire mfkoh
gere. K bio ipprebkite ofw ciy ae i aim tkce, aut uodfrtuoiteny tge cir`et ks oft
hfkoh tf wikt dfr yfu. Nets ae gfoest, wgeo K binn yfu aib` yfu wknn is` ce tf binn
yfu aib` ihiko, tgeo kt wknn ae tix tkce. ]f ci`e exbeptkfoin returos, yfu cust
aut fo vinue iom it tge rkhgt tkckoh.
=. [fu `ofw wgit skr6 [fur wfrst okhgtcire ks tf wfr` wktg i arf`er wgf arkohs
yfu i wkookoh sktuitkfo iom ks wknnkoh tf pniy pgfoe iom cikn tih wktg yfu. Xe
aftg mfot give tkce dfr kt. ]ge reisfo cy bnkeots retiko i arf`er nk`e cysend ks dfr
cy exibt prkbkoh iom tkckoh. Xktgfut tgese 1 tffns, yfu ire tykoh cy gioms
aegkom cy aib` K ciy is wenn wfr` it Bgirnes Rbgwia. Kd K wis bfckoh tf yfu
wktg i cutuin duom, wgkbg ks i nfoh terc gfnm, K wfunm seom yfu fut cuntkpne
pib`ets fd kodfrcitkfo aebiuse favkfusny tgere ks of akh rusg. Xgeo yfu pfsktkfo
yfursend ko i sktuitkfo nk`e tgks, i sgfrt terc pniy, tge cfst kcpfrtiot dibtfr ks
prkbkoh iom tkckoh.
5. [fu `ofw wgit6 I dew gfurs ektger wiy mfes oft ci`e i mkddereobe tf yfu fr
ce, ciyae, aut kd K put i mfnnir ko i lir dfr every tkce sfcefoe wis hfkoh tf binn
ce aib`, K wfunm give retkrem 5 yeirs ihf. K mfot wfr` fo binnaib`s spebkdkbinny
aebiuse K `ofw yfu ire i ausy exebutkve. [fu iom K aftg give i guomrem ftger
tgkohs tf mf. Ecpnfyees tf ti`e bire fd, stidd ceetkohs, etb. K ic hfkoh tf cfve fo
tf ftger bnkeots. 1 fr 2 gfurs prfaiany wknn oft ci`e i mkddereobe exbept dfr tge
dibt tgit K wfot ae iane tf het yfu fo tge pgfoe iom yfu wfot ae iane tf het ce fo
tge pgfoe. Cy 1 tffns ire cy prkbkoh iom tkckoh. [fu ti`e tgfse iwiy drfc ce
iom yfu ire tykoh cy gioms aegkom cy aib`. ]ge reisfo cy bnkeots retiko i
dkoiobkin bfosuntiot nk`e cysend ks dfr cy exibt prkbkoh iom tkckoh. Auy tge stfb`
gere, ci`e yfur pgfoe binns, K wknn bfodkrc tge frmer tfmiy, yfu stknn give i wee`
tf piy dfr tge trime. [fu wknn give i DEMEW pib`ihe fo yfur mes` tfcfrrfw, cy

JTF Stock Scripts and Closes

Self Closes
1. Self 1: Stop Loss/ Downside Protection Close
When I make an investment for a client, I have a very simple philosophy. Either a
stock is moving in the right direction or the wrong direction, agreed? Now, if any
one of our investments moves in the wrong direction by more than 8%,
(prospect), I will call you up and suggest we sell it immediately. An 8% or 10%
loss is VERY easy to make up. It is when you are down 20, 30, and 40%, that is
when you find yourself in serious trouble. So for every investment I make,
preservation of capital is my primary concern. My secondary concern is to protect
the profits we have made, especially under these volatile market conditions. Now
when (stock) is trading 20% higher, I am not going to call you up and suggest we
sell just because we are up 20%, instead I will carefully watch the investment by
its support and resistance levels, point by point, and its trading range- that way if
any bad news comes out on the market, hell, if any bad news comes out on the
company, our profits are protected. Should this stock continue to trade higher, the
way I believe it is going to, I will simply trail your stop loss up, and squeeze as
much profit out of the investment as we possibly can. Now, give me the
opportunity on (shares), I will show you a level of professionalism and an
approach to this business you have never seen before!
2. Self 2: Firm/Clearing House/Broker Information Close
Why dont you write down my information? My name is (name), my firm is
(firm), and my number is (phone). You have heard of Sterne Agee and Leach
right? Well, they are the oldest clearing house on Wall Street and the 2nd largest in
the world. All of our accounts are held and domiciled at Sterne, Agee, and Leach.
Your checks are made payable directly to them and your monthly account
statements come directly from them as well, so you know your accounts are
secure. My firm (firm), is the fastest growing firm on Wall Street. We have well
over a hundred brokers, and you yourself use (# of brokers) as well, however I am
sure you realize not every broker is as talented and as hard working as the next. I
am in my office 12-14 hours per week, 6 days per week, and specialize in
bringing under valued investments like (stock) to my clients so there is NO
QUESTION I can be of some value to you. Pick up the (shares), I will have a
FedEx package on your desk with all of the information on my firm, this
company, and your new account. Check it out, go over your funds, and if you like
this company half as much as I do, I will allow you to pick up as many extra
shares as you would like at no commission, my gift to you. Now, if the stock runs,
the way I believe it is going to, you hold onto the (shares), work with me over the
next 8-10 weeks and judge me solely and strictly on a percentage gained basis.






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Tagged:wall street, boiler room, brokerage house, brokers, clients, duciary duty, golden pitchbook, john thomas nancial, sec,

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