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Mob Wives: Joseph Ferragamo, Carla’s Husband

An unflattering term used to explain a fraud scheme by which salespeople are employed to call unsuspecting individuals and push investment opportunities. These excessive-pressured calls are often used to pitch worthless or nonexistent securities. These operations usually include only numerous telephones in a single room, giving rise to their identify.” Click right here to learn more.
Carla likes to dismiss her quickly ferragamo florence outlet to be ex-husband’s criminal exercise as one thing minor. She doesn’t consider “stock fraud” against the law. I don’t know the way she can say that with a straight face. By the time the show aired on VH1, Joey had already spent several years in jail. The details of his fraudulent stock practices had been well known, documented and introduced in court docket and to the safety and Change Fee. What bothers me is that she may be residing on money that has been allegedly stolen from many senior residents and other people, innocent vicitms, who put their trust and life savings into the palms of their stock broker, Joseph Ferragamo.

Ferragamo Double Gancio Bit Mocassin CoffeeJoe Ferragamo was been a really busy man previous to being sent to prison. I have no idea how many court docket documents I have discovered pertaining to his “stock fraud.” It is tough to even put together a coherent, chronological history of his activities. The reason for this is that from 1997 to 2001 (4 years), he worked for 6 totally different securities firms. I’m going to do the very best I can to share a few of what I have discovered.

Here is a pieced together, partial resume, as far as I can decide (dates approximate):
12/1999 – 5/2000 – Worked for LH Ross & Co. Inc – Allegedly received Kickbacks

7/2000 – 7/2001 – Worked for Valley Forge – 2 counts Security fraud
eight/2001 – four/2002 – Labored for Yankee – Laundering money on stock deals

In response to the US Safety and Alternate Fee paperwork, a default judgment was made towards Joseph Ferragamo, along with other brokers of LH Ross & Co, for allegedly violating federal security laws. Traders reportedly lost 26 million dollars in a huge broker bribery scheme involving 9 public companies. Brokers allegedly acquired kickbacks based mostly on gross sales. Ferragamo was thought-about a “big producer” and therefore reportedly received 25% in kickbacks from the stocks his clients purchased. Ferragamo’s clients allegedly bought greater than 67,550 shares of stock for $606,000. He reportedly by no means informed customers that he was receiving 25% from the sale proceeds.

Ferragamo moved on to Valley Forge Securities and, around December 2000, he took over management of the Staten Island office. There he allegedly mislead prospects about the value and stability of inventory. He is claimed to have manipulated stock and the receipt and payout of kickbacks. In January 2001, he moved his office to Maiden Lane in Manhattan. Axxess International credit score playing cards, linked to Bahamian accounts, have been issued and kickbacks were deposited to hide illegally monies from the inventory manipulation scheme. Federal Prosecutors issued indictments that the Valley Forge NYC Workplace was allegedly controlled by organized crime figures.

In August, 2001, he met with the pinnacle of Yankee Monetary, Mr. Kresge. He informed him he needed to leave Valley Forge. By October 2001, a brand new Yankee office was opened in Brooklyn, with seven staff, and Ferragamo was put in charge as part proprietor. From October, 2001 to April, 2002, ten Yankee prospects, all senior citizens, invested their money based on misrepresentations and omissions. The stocks really useful weren’t in the best interest of the shoppers. This was a high-pressure, boiler-room sort operation. The brokers used excessive stress gross sales ways, fraudulent misrepresentations, false worth predictions, and not noted materials facts when talking senior citizens into investing in three dangerous stocks. As of March, 2004, the ten customers still had losses of $three,866,426. The boiler-room operation reportedly took 17 million from senior residents by making them invest in nugatory corporations whose bank accounts had only $a hundred and twenty.

On Could, 19, 2004, concerning his Valley Forge scheme, Ferragamo pleaded guilty to 1 count of cash laundering within the 3rd diploma and admitted to withdrawing $556,000 from his international account. It seems, from the analysis, that Ferragamo admitted to laundering over $500,000 in kickbacks that he obtained from safety fraud transactions. He deposited the money in a bank in the Bahamas, known as Lendenhall. Then, between February, 2001 and September, 2001 he used his Mastercard, from that financial institution, to make cash advances in $1,000 increments. He allegedly repaid the money advances with the kickback money within the Lendenhall account. He paid no taxes on his Bahamian money.

I have to wonder what those poor senior citizens are eating and how they are dwelling whereas Carla is out on the city with friends, paying her gym membership, buying sleeveless furs, numerous shoes and beginning up a clothing line with their money Is she squandering their hard earned money In that case she has no qualms or responsible conscience about doing it. Her mother’s attitude is that it’s no “big deal.”

Considering Carla’s mother is a senior citizen herself, you’ll think she may need some empathy for her elderly friends. However then once more, I’m sure she has gotten some very good birthday and Christmas gifts out of it over the years. So, like she stated, it’s no big deal.

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