Joseph Rallo

Joseph T. Rallo is a prominent figure in the finance sector, currently serving as the Chief Executive Officer of EF Hutton, a role he has held since May 2020. He co-founded the firm and has played a significant role in its operations and strategic direction. Rallo's career spans various positions in investment banking, including notable roles at Aegis Capital Corp and Maxim Group, where he was involved in global investment banking and investment strategies.12

Background and Career

• Education: Rallo attended the University of Notre Dame, where he completed his education at the Mendoza College of Business.
• Professional Experience:
  • EF Hutton: CEO since May 2020, overseeing the firm's operations and growth.
  • Aegis Capital Corp: Co-Head of Global Investment Banking from February 2019 to April 2020.
  • Maxim Group: Director of Investment Banking from June 2017 to February 2019.
  • JMP Securities LLC: Vice President in Investment Banking for a decade until June 2017.
  • Lehman Brothers: Summer Analyst in Equity Derivatives in 2006.123

Recent Controversies

Rallo's tenure at EF Hutton has recently been marred by serious allegations. In September 2024, EF Hutton filed a lawsuit against him, accusing him of embezzling millions through falsified expense reports to cover personal expenses related to gambling and other lavish activities. The lawsuit claims that Rallo misused company funds for private jets, luxury accommodations, and extravagant meals, among other personal expenses.23

In response to these allegations, Rallo has filed a counter-suit, describing the claims as false and asserting that his ousting was driven by jealousy from his business partners. He alleges that the current leadership at EF Hutton is engaging in misconduct and defaming him.3

Summary

Joseph T. Rallo is a seasoned investment banker with extensive experience in leadership roles within notable financial institutions. However, his recent legal troubles have raised questions about his conduct while leading EF Hutton.