FINRA Arbitration Customer Theft and Fraud Attorney, Russell L. Forkey, Esq.

August, 2011:

Joseph James Sciarra Jr. (CRD #1576322, Registered Principal, Wellington, Florida) was named as a respondent in a FINRA complaint alleging that he received a total of $393,935 from a member firm customer for investment purposes, endorsed the checks and either cashed them or deposited them into a bank account. The complaint alleges that Sciarra never deposited the checks or the proceeds from the checks into the customer’s account at his firm. The complaint also alleges that Sciarra has not repaid the customer’s estate the $393,935 he received from the unauthorized ownership and control he exercised over the customer’s $393,935. The complaint further alleges that Sciarra’s firm expressly prohibits its representatives from converting customer payments or funds to their own account or accounts the representative controls. In addition, the complaint alleges that Sciarra failed to respond to FINRA requests for information. (FINRA Case #2010022840501).