Brian Scarpellini Named Respondent in Check-Kiting Scheme
On February 9, 2017, Brian Scarpellini (CRD #6320844, Plainsboro, New Jersey) was named a respondent in a FINRA complaint alleging that he converted funds totaling $1,158 from his member firm’s bank affiliate by engaging in a check-kiting scheme.
The complaint alleges that Brian Scarpellini wrote checks totaling $1,167 from a personal bank account and deposited those checks into his personal accounts at his firm’s bank affiliate knowing that he had insufficient funds in his personal bank account at the other bank to cover those checks. Brian Scarpellini then used the funds generated from cashing the checks for his personal use, overdrawing his bank account at the affiliate by $1,158. Brian Scarpellini has not repaid the affiliate even though he has received sufficient funds to do so.
FINRA’s initiation of a formal proceeding in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints are unadjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956 or by email at [email protected]. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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Brenda Hamilton, Securities Attorney
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