David Michael Scaffe (CRD # 2643002, Registered Principal, Daniel Island, South Carolina) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Scaffe consented to the described sanction and to the entry of findings that he borrowed funds from member firm customers when the firm expressly prohibited its representatives from borrowing funds from customers and included such prohibition in its compliance manual. The findings stated that Scaffe signed annual compliance questionnaires on which he acknowledged that he had received or had access to the firm’s compliance manual and did not request or obtain permission from his firm to borrow funds from customers, nor could he under the firm’s procedures. The findings also stated that Scaffe failed to respond to FINRA requests for a written statement. (FINRA Case # 2008013809702)

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