(Bloomberg) -- Anastasios "Tommy" Belesis, the former head of John Thomas Financial, was barred from the brokerage industry for life by FINRA for trading ahead of clients' orders.

Belesis dumped the New York-based firm's position in a penny stock that was surging while 14 customers tried and failed to sell their shares, Finra said today in a statement. The industry-funded regulator ordered Belesis to pay about $1 million plus interest to customers and fined him $100,000.

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