February 5, 2019 Comments (0) Blog

Terrence Puricelli – Broker Investigation

Terrence Puricelli

Terrence Puricelli- Wells Fargo Advisors – Chesterfield, MO

According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Terrence Puricelli, formerly of Wells Fargo Advisors, who was reportedly fired two years ago over allegedly inaccurate notes placed on the wirehouse’s system.

According to a Letter of Acceptance, Waiver and Consent, Puricelli initially cooperated with FINRA’s investigation into his discharge, but reportedly stopped doing so in September 2018, by first sending an incomplete response and then informing FINRA staff through his lawyer that he would not provide the rest of the requested information. FINRA reportedly barred him from the industry on November 15, 2018.

According to the letter of consent, following his discharge from Wells Fargo, he never registered with another firm.

According to his FINRA BrokerCheck report, Puricelli was a registered representative with Wells Fargo Advisors in Chesterfield, MO from December 2011 until September 2016.

He reportedly has three customer disputes listed on his record.  Allegations include unsuitability of fixed annuity purchases, unauthorized and unsuitable purchases.

For FINRA’s full findings see FINRA case # 2016051482301.

In October 2018, a FINRA arbitration panel reportedly ruled in favor of Wells Fargo, which claimed that Puricelli owed the firm money on a promissory note, according to InvestmentNews.

The panel reportedly ordered Puricelli to pay Wells Fargo $308,000 in principal, interest and lawyers’ fees.

Failure to Supervise

The White Law Group is investigating potential claims involving Terrence Puricelli and the liability his employers may have for failure to properly supervise his alleged activities.

Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

If you suffered losses investing with Terrence Puricelli, the attorneys at The White Law Group may be able to help you to recover your losses. For a free consultation with an attorney specializing in investment fraud, please call (888) 637-5510.

The foregoing information, which is all publicly available, is being provided by The White Law Group.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information, please visit our website, www.whitesecuritieslaw.com.

 

 

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