Finra bars ex-Wells Fargo Advisors broker who just lost arbitration over loan

Finra bars ex-Wells Fargo Advisors broker who just lost arbitration over loan
Terrence R. Puricelli was fired in 2016 over concerns of the accuracy of notes in the firm's system.
NOV 16, 2018

The Financial Industry Regulatory Authority Inc. on Thursday barred a former Wells Fargo Advisors broker who failed to cooperate with Finra regarding its investigation into his being fired by the firm more than two years ago. The broker, Terrence R. Puricelli, was discharged by Wells Fargo Advisors in August 2016, according to his BrokerCheck report. The firm had concerns relating to the accuracy of notes he placed in the firm's system, according to his BrokerCheck report, as well as his use of time and price discretion. Mr. Puricelli initially cooperated with the Finra investigation but ceased to do so this year, according to the Finra settlement. He accepted the settlement without admitting to or denying Finra's findings. He entered the securities industry in 2000 and started working at Wells Fargo Advisors in December 2011, according to Finra. Mr. Puricelli's attorney, Bryan P. Cavanaugh, did not return a call for comment. Just last month, Mr. Puricelli lost a Finra arbitration dispute with Wells Fargo Advisors in which the firm claimed in 2016 that he owed them money from a loan in the form of a promissory note that it made to him when he joined the firm in 2011. Mr. Puricelli filed a counterclaim against Wells Fargo Advisors, alleging that the firm "failed to reasonably accommodate his disability and terminated his employment because of his disability," according to the Finra award. The Finra arbitration panel decided to award Wells Fargo $308,000 for the principal of the promissory note, interest and legal fees.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.