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Mr. Michael A. Ruccolo serves as the Chief Executive Officer, of World Currency USA, Inc. Mr. Ruccolo founded an International Trade Consulting and Publishing Company and served as its President and Chief Executive Officer for over 20 years. He started his career in the international market place in 1985, initially as an Import/Export clerk. He acquired a vast knowledge of all aspects of Import/Export Customs Brokerage, Compliance, C-TPAT, NVOCC and Trucking, in addition to Banking related to International Trade. He serves as a Director of World Currency USA, Inc. He served as a Director at Liberty Bell Bank from April 28, 2005 to 2010. In 2001, he took on the role as an Organizer and Director of Liberty Bell Bank. In 1991, Mr. Ruccolo received his U.S. Customs Brokerage License from the U.S. Customs Service. Mr. Ruccolo has also served as a member of the Faster Payments Task Force, The Federal Reserve Bank.
Mr. James A. Tamburro, Esquire is currently the managing partner at Tamburro Law Offices located in Marlton, New Jersey, where he practices civil litigation and real estate and corporate law. He also is a licensed real estate agent for MBR Realty. We believe Mr. Tamburro.s legal background and experience combined with his knowledge of the real estate market qualify him as a member of our Board of Directors, and to serve on our Audit, ALCO/Investment and Nominating and Corporate Governance Committees.
Escrow is an arrangement in which transacting parties retain a third party, escrow agent whose job is to safeguard funds and assets according to conditions that have been agreed upon in advance. Such an arrangement protects the transacting parties in the deal, providing that neither has an unfair advantage and that both are earnest about the deal.
In the event that the terms of the agreement are not adhered to, it is generally easier to unwind the escrow and make the parties whole than it would be if the parties were merely contracting directly with one another. Take the simple example of a tenant placing money into an escrow account as a gesture of good faith regarding a lease. Should the conditions set forth in the escrow agreement or lease not be met by the landlord it is easy to pay the deposit back to the Tenant. Similarly, should the tenant default under the terms of the agreement, the landlord would have access to the deposited funds. Both parties always agree to release funds before they are released. We have also partnered with FDIC Insured financial instituions throughout the country and your funds will be held safely earning interest.