SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 46405 / August 23, 2002
Admin. Proc. File No. 3-10209
_________________________________________________________________
In the Matter of
JOSEPH P. GALLUZZI
c/o Lorraine D. Galluzzi
56 Pitt Road
Springfield, NJ 07981
_________________________________________________________________
OPINION OF THE COMMISSION
BROKER-DEALER PROCEEDING
Grounds for Remedial Action
Conviction
Injunction
Respondent was convicted of mail fraud, wire fraud, bribery, and using
facilities in interstate commerce to commit bribery, and enjoined from
violating antifraud provisions of the federal securities laws. Held,
it is in the public interest to bar respondent from association with a
broker or dealer.
APPEARANCES
Joseph P. Galluzzi, pro se.
Wayne M. Carlin, Mark Schonfeld, Kay Lackey, Peter Pizzani, and
Sheldon Mui, for the Division of Enforcement.
Appeal filed September 12, 2001
Last brief received March 15, 2002
I.
Joseph P. Galluzzi, formerly associated with Gibraltar Securities Co.,
a registered broker-dealer, appeals from the decision of an
administrative law judge. The law judge found that Galluzzi had been
convicted of mail fraud and bribery, among other offenses, and
enjoined from future violations of Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder. The law judge barred
Galluzzi from association with a broker or dealer. We base our
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
JOSEPH P. GALLUZZI
Springfield, NJ 07981
OPINION OF THE COMMISSION BROKER-DEALER PROCEEDING
Grounds for Remedial Action
Respondent was convicted of mail fraud, wire fraud, bribery, and using facilities in
Joseph P. Galluzzi, pro se.
Joseph P. Galluzzi, formerly associated with Gibraltar Securities Co., a registered
The law judge found that Galluzzi had been convicted of mail fraud and bribery, among other
Sentencing hearings were held on September 9 and 10, 1998, and an order of Judgement and
the District Court made an upward adjustment pursuant to applicable federal sentencing
the Commission filed a complaint against Galluzzi alleging violations of Exchange Act Section
On May 28, 1999, the United States Court of Appeals for the Third Circuit affirmed Galluzzi's
On May 25, 2000, the Commission instituted this proceeding against Galluzzi seeking a bar
By order dated November 7, 2000, the law judge directed the Division to provide Galluzzi
the Division was directed to provide a list of any materials it intended to withhold from
The law judge subsequently found that the Division properly claimed privilege for all but one
Although Galluzzi filed a response to the Division's motion for summary disposition, he
As an initial matter, the District Court's opinion in the injunctive action stated that
Galluzzi had the opportunity to challenge the District Court's decisions by appealing to the
It has been held that "ffective enforcement of the securities laws requires that the SEC and
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