in Million Dollar Fraud Case
Note: this press release was issued by the Division of Criminal Justice
and not by the Department of Banking. For further information,
please contact the Division of Criminal Justice at (860) 258-5800.
July 25, 2003 -
Chief State’s Attorney Christopher L. Morano announced the sentencing today in Stamford Superior Court of TODD R. SCULLY, d.o.b. December 19, 1962, of 4 East Trail, Darien. Mr. Scully, a former Fairfield County stockbroker, had previously pleaded guilty to two counts of Larceny in the First Degree, and one count each of Forgery in the Second Degree and Securities Fraud.
The Honorable Judge Richard F. Comerford, Jr., sentenced Mr. Scully to five years imprisonment, suspended after serving 18 months incarceration, to be followed by five years of probation. He was also ordered to pay $1,008,732 in restitution, of which $872,786 has already been paid by Scully.
Mr. Scully was employed in the Greenwich office of a securities firm from 1992 until his employment was terminated in connection with this case in August 2002. Scully handled the account of the victim, an 88-year old Greenwich man whom he defrauded out of more than one million dollars. Mr. Scully had closed the victim’s account without his knowledge, and transferred the proceeds to accounts controlled by himself.
The securities firm that employed the defendant has fully reimbursed the victim for the amount of the theft. The firm also initiated the complaint which led to Scully’s arrest by the Chief State’s Attorney’s office.
The Office of the Chief State’s Attorney and the Securities and Business Investments Division of the Department of Banking jointly investigated the case. Chief State’s Attorney Morano noted the cooperation and assistance of the securities firm with the State’s investigation, and the fact that the firm stood behind its client with full reimbursement.