Broker Caught Up In $26M Fraud Hit With Injunction

Law360, New York (November 10, 2010, 5:21 PM EST) -- The U.S. Securities and Exchange Commission has won a default judgment against a broker who allegedly helped Syndicated Food Service International Inc. orchestrate a $26 million broker bribery scheme.

Judge Nicholas Garaufis of the U.S. District Court for the Eastern District of New York handed down an injunction Tuesday barring Joseph Ferragamo from further securities violations and from participating in any offerings of penny stock.

Ferragamo, in conjunction with other brokers at a branch office of LH Ross & Co. Inc., allegedly violated federal securities laws...
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