Angelo Cappelli, the prominent and once promising local Republican who lost a campaign against Democrat Bill Heller for state House District 52, last year, was arrested by St. Pete police today. Police charged him with first degree grand theft and perjury.

The arrest stems from a two-month investigation into Cappelli’s dealings while employed as wealth and investment advisor at Suntrust Bank, 300 First Avenue S. Investigators said Cappelli stole more than $100,000 from the trust account of Mario E. Granata, a St. Petersburg resident who died in February.

Police said Granata’s 1998 will left all of his assets at the time of his death to a local charity. Investigators say Cappelli delivered part of the money to the charity, but kept the rest for personal use to pay his credit cards and homeowner's insurance premium.

Cappelli, a native of St. Petersburg, has degrees from Yale and Fordham Universities, including a law degree and an MBA. In 2006, Cappelli, 37, lost a bid for House District 52 to Democrat Bill Heller. Cappelli was being transported to the Pinellas County Jail Wednesday.