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Startup World Currency USA Takes Step toward $10M - cbl
By citybizlist Staff
MARLTON, N.J. -- According to an SEC filing, startup World Currency USA, Inc. raised $770,000 toward a targeted $10 million in a mixed securities offering.
According to its preliminary Web site, World Currency USA plans on providing customers with an inexpensive alternative for the purchasing or selling of currency as well as placing foreign currency transfers. The company expects to be online in 2010.
The filing named Michael Ruccolo, managing director, chairman, chief executive officer; James Calla, managing director, president, chief operating officer; William Toeffel, managing director, vice president, chief technology officer; and directors Edward O'Brien, New York-based M&R Capital Management; Karen Howard, Amherst, N.Y.-based Columbus McKinnon Corp. ; Dr. Ray Stone, Princeton, N.J.-based Stone & McCarthy Research Associates; Jeff Altman, New York-based Owl Creek Asset Management; Anthony DeMarco; Terry Fortino; Donald Paparone; and Patricia Rota.
SEC filing: http://tinyurl.com/265drev
Bios
Michael Rucculo
Michael has 25 years of experience in International Trade, World Markets, Import/Export Operations, Banking, and Entrepreneurial Leadership. Michael is the Founder of an International Trade Consulting and Publishing Company which has been publishing international trade directories since 1993. In addition to the physical publication of directories distributed to libraries and U.S. Embassies worldwide, the company was one of the first web site publications of its nature available on the Internet. Michael remains the sole shareholder but has recently retired as President and CEO to focus his time and energy with World Currency USA. In mid 2006 Michael formed a high speed broadband internet company to deliver Internet access via wireless signal to residential communities. Since implementation, the company has grown exponentially scrambling to keep up with demand for its services. The company is currently surveying jobs in cities throughout Florida and Texas, including communities in West Palm Beach, Boynton Beach, Boca Raton, Fort Lauderdale, and Dallas. The company also recently started assisting small villages in the Philippines with Internet connectivity using the company's network. The company has seen profitability in year three. Michael has turned over the reigns and is now a passive majority owner. In 2003, Michael founded a Property Management Company that still thrives today. In 2001, Michael took on the role as an Organizer and Director of Liberty Bell Bank where he still serves on the Board of Directors and is Chairman of the Loan Committee. Michael started his career in the international market place in 1985, initially as an Import/Export clerk. Michael's primary responsibilities were to facilitate all documentation needed for U.S. Customs Service related to import and export transactions. Michael acquired a vast knowledge of all aspects of Import/Export Customs Brokerage, NVOCC and Trucking, and Banking related to International Trade. In 1991 Michael received his U.S. Customs Brokerage License from the U.S. Customs Service and assumed the role of Customs Affairs Manager.
James Calla
Jim has 30 years of experience in Treasury including Asset & Liability Management, Liquidity, Hedging and Securitization. In addition, 15 years of Capital Markets, Wealth Management and Private Banking. Jim's most recent responsibility was the Executive Vice President - Managing Director of the Capital Markets Group located in Philadelphia, PA. His responsibilities included Securitization, Interest Rate Derivatives, Foreign Exchange, Investment and Sales, Mergers and Acquisitions. Jim was also the Chairman for Sovereign Securities Corporation, LLC, a separately capitalized, wholly owned subsidiary of Sovereign Bank. In addition, he managed Private Banking and Wealth Management as of September, 2005. From 2003 to 2005 Jim was the Treasurer of Sovereign Bank and responsible for Asset & Liability Management at the bank. Jim continued as a member of the Asset Liability Committee and as one of 25 on the Senior Management Team. From 1988 to 1998 Jim Calla served as Capital Markets Director and Investment and Funding Manager for CoreStates Bank. He managed over 140 trading and sales professionals in Philadelphia and Reading, PA, Fort Lauderdale, FL, London, and Hong Kong. Jim was instrumental in the formation of CoreStates Securities Corporation, a NASD registered broker dealer. Jim has been a senior executive in the Capital Markets and Asset and Liability Management areas since 1979. Jim was specifically responsible for liquidity management from 1979 to 2009 at various banks. He was a recognized leader in the industry; spoke frequently on the subject of liquidity stress testing and liquidity management. Jim has served on the BAI Treasury committee for over 20 years. Jim has a Bachelor of Science Degree in Finance from St. Joseph's University. Jim serves on several Boards.
William Toeffel
Bill has 10 years of experience in Information Technology, Information Security, and Web Service Development. Bill is the Co-Founder of a technology firm specializing in Operational Risk Management, Regulatory and Compliance planning, IT Strategic Planning, Disaster Recovery Planning, Infrastructure Design, Vendor Management, and Enterprise Web Development solutions for small and mid-sized companies since 2005. From 2003 to 2008 Bill served as Systems Specialist for Liberty Bell Bank, assisting in all bank-wide information technology, privacy, and security projects to ensure the proper operation and growth of the Bank. Bill assisted in the development and implementation of corporate risk assessment and control procedures, disaster recovery and business contingency planning, customer privacy, employee training programs, and systems engineering and monitoring. Bill directly participated in all FDIC and NJ State Banking Commission IT audit proceedings, including preparation and examination performance, as well as all third-party IT assessments and examinations. Bill acted as immediate backup to the roles of the Chief Technology Officer and Security Officer. From 2001 to 2003 Bill served as IT Director for Liberty State Financial Services, managing corporate-wide security and technology operations for the Insurance Services, Commercial Credit, and Investment Planning divisions. Bill also acted as the corporate Security Officer, including incident report writing, internal audit, and forensic analysis responsibilities. Prior to Liberty State Financial, Bill served as Senior Programmer for AvidLearn Inc, an Internet-based corporate training provider. Bill managed a team of software developers and multi-media specialists to deliver the core business-to-business web-based training platform. Since 2001 Bill has been an active member of the Philadelphia Chapter of InfraGard, an information sharing and analysis effort between the Federal Bureau of Investigation (FBI), the National Infrastructure Protection Center (NIPC), and an association of businesses, academic institutions, state and local law enforcement agencies. Bill has been the appointed Web Committee Chairman to the Board of Directors since 2003 and currently still serves in this role. Bill currently volunteers time, effort, and experience on various cyber-defense initiatives with both the FBI and Department of Defense. Bill holds a Bachelor of Arts Degree from the University of Massachusetts.
Edward O'Brien
Edward I. O'Brien Jr. is Executive Vice President of M&R Capital. Prior to joining M&R in January of 2010, he was Executive Vice President and co-head of Fixed Income at Keefe, Bruyette & Woods. He began his career at Prudential Securities in government bond trading and spent 20 years there in a variety of roles. He is a director of World Currency Inc., a member of the Board of Trustee's of Fordham Preparatory School and a Presidents Council member of Fordham University. He graduated
Karen Howard
Ms. Karen L. Howard is Chief Financial Officer, Vice President - Finance, Treasurer of Columbus McKinnon Corp. Ms. Howard was elected Vice President in January 1997 and named the company's Chief Financial Officer in January 2006 after having served as interim Chief Financial Officer since August 2005 and Treasurer since August 2004. From January 1997 to August 2004, Ms. Howard served as Vice President - Controller. From June 1995 to January 1997, Ms. Howard was employed by the company in various financial and accounting capacities. Prior thereto, Ms. Howard was employed by Ernst & Young LLP as a certified public accountant.
Ray Stone
Managing Director, formerly served as Director of Global Fixed Income and Economic Research at Merrill Lynch Capital Markets. Earlier, Stone held various senior economic and fixed income research positions with McCarthy, Crisanti & Maffei, the Fidelity Bank, and the Federal Reserve Bank of New York. He holds a B.S. from New York University and a Ph.D. from Rutgers.
Jeff Altman
Mr. Altman founded Owl Creek Asset Management, L.P. in June 2001. Today Owl Creek manages in excess of $5 billion across a Flagship Global Event Driven Value strategy and a Pan-Asian Event Driven Value strategy. As Portfolio Manager he directs all aspects of research and trading on all investments. Mr. Altman currently leads an investment group of 20 at Owl Creek in a team approach to gathering consensus on investment ideas. Prior to forming Owl Creek Asset Management, L.P., Mr. Altman had been with Franklin Mutual Advisers, LLC where, from 1996 to 2001, he served as the primary portfolio manager and head of a group that managed a portfolio of distressed securities with a value of more than $2.4 billion. During Mr. Altman's 13 years at both Franklin Mutual and Heine Securities Corporation, the former advisor to the Mutual Series family of funds, he served in various capacities, including junior and senior analyst positions, head trader of the bankruptcy and distressed group, senior vice president and senior portfolio manager.
Posted: July 12, 2010