The Financial Industry Regulatory Authority Office of Hearing Officers (FINRA OHO) issued a default decision barring broker Richard Peter Pascucci and ordered he pay $261,000 in restitution to affected customers after Pascucci refused to respond to FINRA's repeated requests for information during an investigation into misconduct relating to a criminal proceeding for wire fraud in which Pascucci pleaded guilty.
According to the FINRA OHO proceeding, Securities America employed Pascucci from 2008 through 2010 until the firm filed a Uniform Termination Notice for Securities Industry Registration in July, followed by a second filing in December 2010 stating that the United States Secret Service had notified Securities America that Pascucci was the subject of an investigation into criminal misappropriation or conversion of funds.
Though Pascucci failed to respond to FINRA's multiple contact attempts, FINRA learned from the Secret Service that Pascucci appeared before the United States District Court for the Western District of New York in April 2011, pleading guilty to a charge of wire fraud in connection with converting two customer funds for personal use.
Pascucci was sentenced to 30 months in prison and ordered to pay $261,000 in restitution in January 2012 in the matter United States of America v. Richard Pascucci.
If you invested with Richard Peter Pascucci or suffered losses as the result of any broker's or firm's fraudulent activity or scheme, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.