Emanuele Cardaci

Securities Exchange Act of 1934
Release No. 50802 / December 7, 2004

Admin. Proc. File No. 3-11637

I.

Respondent Emanuele Cardaci ("Cardaci" or "Respondent"), pursuant to Rule 240(a) of the Rules of Practice of the Securities and Exchange Commission ("Commission") [17 C.F.R.§ 201.240(a)], submitted an Offer of Settlement ("Offer") in the above-captioned proceeding instituted against him on September 8, 2004, pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act"). The Commission deems it appropriate to accept the Offer.

II.

Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings, and the findings contained in Section III.3 below, which are admitted, Respondent consents to the entry of this Order Making Findings and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Order") as set forth below.

III.

On the basis of this Order and Respondent's Offer, the Commission finds that

1. During the relevant period, Respondent Cardaci was associated as a registered representative with at least one registered broker-dealer.

2. 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.

3. 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 Exchange Act, in the action entitled S.E.C. v. Paul R. Johnson, et al., Case No. 01-7874-HURLEY/LYNCH (S.D. Fla.).

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions agreed to in Respondent Cardaci's Offer.

Accordingly, it is hereby ORDERED:

Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Cardaci be, and hereby is barred from association with any broker or dealer, with the right to reapply for association after three years to the appropriate self-regulatory organization, or if there is none, to the Commission;

Any reapplication for association by the Respondent will be subject to the applicable laws and regulations governing the reentry process, and reentry may be conditioned upon a number of factors, including, but not limited to, the satisfaction of any or all of the following: (a) any disgorgement ordered against the Respondent, whether or not the Commission has fully or partially waived payment of such disgorgement; (b) any arbitration award related to the conduct that served as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a customer, whether or not related to the conduct that served as the basis for the Commission order; and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct that served as the basis for the Commission order.

By the Commission.