The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Public Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Order) against Emanuele Cardaci (Cardaci). The Order alleges, among other things, that during the relevant period, Cardaci was associated as a registered representative with at least one registered broker-dealer. The Order further alleges that on December 12, 2001, the Commission filed a complaint in the United States District Court for the Southern District of Florida alleging, among other things, that Cardaci violated the securities registration and broker-dealer registration provisions of the federal securities laws by offering and selling the unregistered Link Express Delivery Solutions, Inc. securities and by acting as an unregistered broker-dealer in connection with those sales.

In addition, the Order alleges that on March 27, 2002, a Final Judgment of Permanent Injunction and Other Relief was entered by consent against Cardaci, enjoining him from future violations of Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of 1934, in the action entitled S.E.C. v. Paul R. Johnson, et al., Case No. 01-7874-HURLEY/LYNCH (S.D. Fla.) (LR-17277).

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Cardaci an opportunity to dispute these allegations, and to determine what remedial sanctions, if any, are appropriate and in the public interest. The Order requires the Administrative Law Judge to issue an initial decision no later than 210 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice.