According to Businessweek Nicholas Gwiazda thought he’d
found a door into the glamorous world of Wall Street in September when he
answered a Craigslist ad from John Thomas Financial, which was looking for
junior brokers. A couple of days later he was invited to tour the firm’s
marble-floored offices, across the street from the New York Stock Exchange. The
24-year-old University of Connecticut graduate says he was told he could make
hundreds of thousands of dollars a year after passing licensing exams. On his
first day on the job, Gwiazda was handed a phone and told to call strangers
across the country, advising them that a senior broker would follow up in a
week with a good investing idea. He and other trainees worked 14-hour days,
mostly on their feet, reciting memorized sales pitches. The pay was $300 a
week. Gwiazda says he was fired after three months. “It was a glorified call
center, honestly,” he says….
John Thomas has generated more than
$100 million in revenue in the five years since it was started by
Anastasios “Tommy” Belesis.
Read all about it at http://www.businessweek.com/articles/2013-02-28/john-thomas-financial-the-other-side-of-wall-street#r=most
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