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.

Frank J. Scarcello III
2010021368801

Without the customer's authorization or knowledge, Scarcello effected an online wire transfer of $8,024.54 from a bank customer’s account for his personal use and benefit.

Scarcello obtained an ATM card linked to the customer’s account and used the card to make withdrawals totaling over $12,000 from the account, using the funds for his personal benefit without the customer’s authorization or knowledge. When the customer discovered the funds were missing and confronted Scarcello, Scarcello executed an unauthorized wire transfer of $20,000 from the line of credit of another bank customer’s account to the customer’s account, thereby converting approximately $32,000 from two bank customers’ funds for his personal benefit. 

Scarcello failed to respond fully and completely to FINRA requests for information and to appear for an on-the-record testimony.

Frank J. Scarcello III : Not ordered to pay restitution to the bank customers because FINRA did not request an order of restitution; Barred

Tags: ATM