George Jarkesy, the 37-year-old Nationally Syndicated right-wing talk show host turned Hedge Fund manager was charged by the SEC on March 23rd for Fraud in his Hedge Fund.
In his radio show George Jarkesy proclaims himself as a “Defender of Capitalism”, and rails against the government manipulating the market to the hurt of investors. Ironically the SEC is charging Jarkesy and John Thomas Capital Management of inflating valuations of the funds’ assets, causing the value of investors’ shares to be overstated and his management and incentive fees to be increased.
Among other charges listed the SEC also details a pump-and-dump scheme where Jarkesy used “fund assets to hire multiple stock promoters in 2010 and 2011 to create an artificial and unsustainable spike in the price of two microcap stocks in which the funds were heavily invested.”
Heavily involved in politics, CampaignMoney.com reports that George Jarkesy donated $21,000 to Republican political parties in the 2012 election cycle including $5,000 directly from John Thomas Capital Management Group to the campaign of John Roger Williams, and $15,000 to the Republican National Committee.
John Thomas Capital Management is now rebranded to Patriot28, their website does not appear to be accepting new investors or allowing online access to their investors.