NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Robert Anthony Yacovone (Principal)
AWC/2010021361001

While employed at a bank affiliate of his member firm, Yacovone obtained a bank withdrawal slip that was blank and signed by a bank customer. Yacovone completed the withdrawal slip indicating the customer’s checking account number and a withdrawal of $40,000, and provided it to a teller at his branch with instructions to withdraw the funds from the customer’s bank checking account and transfer the funds to Yacovone’s relative’s bank account. Yacovone used the $40,000 to repay a short-term loan and existing debt that he owed on an approved outside business he owned with his relative. The customer’s assistant contacted Yacovone to advise him of the $40,000 unauthorized withdrawal from the customer’s bank checking account and, as a result of the inquiry, Yacovone repaid the customer $40,000 with funds he received from his relatives.

Robert Anthony Yacovone (Principal): Barred

Tags: Bank