Joseph Stevens Workers Accused Of $6.2M Fraud

Law360, New York (May 20, 2009, 12:00 AM EDT) -- Sixteen former employees of defunct investment brokerage Joseph Stevens & Co. Inc. have been indicted on charges of running a sophisticated racketeering scheme that scammed investors out of $6.2 million in unlawful commissions, New York County District Attorney Robert Morgenthau announced Wednesday.

Joseph Stevens manipulated the market value of carefully selected stocks in a bid to collect fees and commissions to which they were not entitled, according to Morgenthau.

Each of the 16 defendants — including Joseph Stevens founders Joseph Sorbara, 44, and Steven Markowitz, 46...
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