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Letter to the editor

Bank adviser investigated

Angelo Cappelli, who lost a heated House race in '06, lost his job last week.

By ABHI RAGHUNATHAN
Published June 28, 2007

ST. PETERSBURG - Angelo Cappelli, a prominent local Republican who lost a heated campaign to win a state House seat last year, is now the subject of a police investigation.

The department is acting on information about Cappelli from SunTrust Bank, his employer until last week. Susie Findell, a SunTrust spokeswoman, said the bank turned over an internal investigation of Cappelli to St. Petersburg police.

Cappelli, 37, had been employed by the bank as a wealth and investment adviser for four years, Findell said. Cappelli would meet with prospective clients and try to sell them bank services, but did not have access to their accounts.

Findell declined to say whether Cappelli was fired, what he may have done to merit an investigation or if he improperly accessed any accounts.

"We are cooperating with the police regarding Mr. Cappelli, " Findell said.

When asked about Cappelli, police spokesman Bill Proffitt said the department had just begun its investigation. Police met with SunTrust officials Wednesday.

"We are conducting a criminal investigation, " Proffitt said. "We have talked to bank investigators who are already familiar with parts of the case."

Proffitt said he could not comment further because the investigation was still ongoing and could take weeks.

Cappelli did not respond to a message seeking comment.

In 2002, a client lodged a complaint against Cappelli's broker license, alleging that he made bad investment recommendations. The complaint was resolved, and Cappelli's company paid $46, 500. Cappelli said he admitted no culpability and said his company decided to settle, not him.

Cappelli was born and raised in St. Petersburg, and has degrees from Yale and Fordham, including a law degree and an MBA. He had also served on the boards of several nonprofit organizations, including St. Anthony's Hospital, the Arts Center of St. Petersburg and the Police Athletic League.

He adopted some conservative positions on social issues during the 2006 race for House District 52. In a questionnaire he filled out for the Christian Coalition of Florida, Cappelli said the state should not recognize same sex unions or require that a crime based on sexual orientation be prosecuted as a hate crime.

But Cappelli also campaigned on his background in law and finance, saying they gave him the expertise to deal with the state's problems with insurance and property taxes.

Cappelli lost his bid to Bill Heller, a Democrat and former University of South Florida St. Petersburg dean.

Tony DiMatteo, the chairman of the Pinellas County Republican Party, said he was surprised to learn of the investigation.

"I'm hoping that this is just some big misunderstanding, " DiMatteo said. "He's an outstanding public citizen."

DiMatteo said he called Cappelli after learning of the allegations last week. He still hadn't heard back from him.

Times researcher Angie Drobnic Holan contributed to this report. Abhi Raghunathan can be reached at araghunathan@sptimes.com or 727 893-8472.

[Last modified June 28, 2007, 00:25:06]