Wells Fargo Broker Barred In Trading Investigation

Terrence Raymond Puricelli of Chesterfield Missouri a stockbroker formerly employed by Wells Fargo Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA personnel in an investigation regarding allegations that Puricelli engaged in unauthorized trading. Letter of Acceptance Waiver and Consent No. 2016051482301 (Nov. 15, 2018).

According to the AWC, Puricelli had been terminated by Wells Fargo on September 21, 2016. Wells Fargo Advisors LLC reportedly notified FINRA through a Form U5 that Puricelli had been discharged by the firm based upon Puricelli having used time and price based discretion in investment accounts, and for raising the firm’s suspicions of Puricelli’s misconduct concerning the truthfulness of information that Puricelli disclosed in the firm’s internal systems.

The AWC stated that FINRA launched an investigation into Puricelli’s conduct shortly thereafter. The AWC stated that Puricelli had originally cooperated with FINRA personnel in the investigation into his alleged misconduct; however, he stopped cooperating by August 16, 2018. Apparently, counsel for Puricelli had been provided a letter from FINRA which called upon Puricelli to provide information and documentation to the regulator, according to Rule 8210. The AWC stated that Puricelli failed to fully answer FINRA’s inquiry, prompting FINRA to send Puricelli another request for the information. Subsequently, counsel for Puricelli notified FINRA on September 24, 2018 that Puricelli would not be providing any additional information in regard to the investigation. FINRA found Puricelli’s failure to cooperate as violative of FINRA Rules 2010 and 8210.

FINRA Public Disclosure confirms that Puricelli has been identified in three customer initiated investment related disputes containing accusations of his violative conduct during the time that he was associated with Wells Fargo Advisors and Morgan Keegan & Company, Inc. Particularly, on June 17, 2008, a customer filed an investment related complaint concerning Puricelli’s conduct where the customer sought damages estimated to exceed $5,000.00 based upon allegations that the customer was placed in a fixed annuity that was in no way suitable for the customer given the customer’s investment objectives.

On April 4, 2017, another customer initiated investment related complaint regarding Puricelli’s conduct was resolved for $55,000.00 in damages founded on accusations that unauthorized stock purchases were effected in the customer’s individual retirement account between 2014 and 2016. Then, on November 28, 2016, a customer filed an investment related complaint involving Puricelli’s activities in which the customer requested $155,278.00 in damages supported by allegations that charges and commissions on unit investment trusts had not been adequately disclosed to the customer, and unsuitable unit investment trust trades had been executed in the customer’s investment account.

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