TEN FORMER A.S. GOLDMEN BROKERS BARRED FROM FUTURE ASSOCIATION WITH BROKER-DEALERS
On September 11, the Commission barred ten former A.S. Goldmen & Co.,
Inc. brokers, Robert F. Fox, Karim M. Lamarti, Charles S. Pipia, Charles
J. Principato, Jr., James A. Sammartano, Mark Sanfilippo, Angelo M.
Scifo, Jr., Shawn J. Smith, J. Vincent Tarantino, and Clyde Anthony
Williams, from future association with any broker or dealer. The bars,
to which the respondents consented, were based on criminal convictions
obtained by the Manhattan District Attorney's office in its prosecution
of massive fraud at A.S. Goldmen. (People of New York v. A.S. Goldmen &
Co., Inc., et al. (Indictment No. 4772, 1999)).
Fox, Lamarti, Pipia, Principato, Sammartano, Scifo, Smith, Tarantino and
Williams all plead guilty to criminal violations under New York state
law involving misrepresentations in sales of securities, unauthorized
trading, use of nominee accounts to profit in IPO's, and other conduct.
Sanfilippo plead guilty to perjury. Based on their convictions, the
Commission ordered that they be barred from future association with any
broker or dealer pursuant to Section 15(b) of the Securities Exchange
Act of 1934.
On July 7, 1999, administrative proceedings were instituted against A.S.
Goldmen, its principals, and others. Those proceedings were stayed from
September 1, 1999, to July 29, 2002. The Commission has issued Orders
settling the proceedings with respect to seven of the nine respondents.
As to the remaining two respondents in the administrative proceedings,
an initial decision was issued on June 27, 2003, ordering sanctions and
penalties against each, and both have appealed. The ten former brokers
in this matter were not respondents in the Commission's administrative
proceedings. The Commission has also issued Orders barring fourteen
other former Goldmen brokers and employees based on their criminal
convictions.
For additional information, see Securities Act Release No. 7698 and
Exchange Act Release No. 41601 (July 7, 1999). (Rel. 34-48483; File No.
3-11256)
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