He then became head of corporate finance at the American subsidiary of ING Barings from 1998 to 2001. After losing a bid to buy ING Barings' American operations, Joseph co-founded Morgan Joseph & Company, an investment banking firm that focuses on middle-market businesses, catering to a clientele that Drexel served in its heyday. Although the firm carried his name and he was part-owner, he was only co-head of corporate finance as a result of the SEC's lifetime ban. Joseph died on Friday, November 27, 2009 from complications of multiple myeloma.