Broker Investigation: Terrence Puricelli

As of November 15, 2018, broker Terrence Puricelli was barred by Financial Industry Regulatory Authority (FINRA), as reported on his Brokercheck profile.  This sanction was based on a FINRA investigation into allegations of inaccurate notes he placed on the Wells Fargo Advisors system in 2016.

Puricelli, who had worked in the financial services industry since 2000, was discharged from Wells Fargo Advisors in August of 2016 amid allegations of inaccurate notes he placed on their system.

Requests for information by FINRA staff during the investigation were initially met with cooperation. However, in September 2018, Puricelli’s lawyer communicated he would no longer provide FINRA with information. Puricelli did not admit or deny FINRA’s findings, but has consented to their order.

Disclosures on his record also indicate 3 previous customer disputes between 2008 and 2016 alleging unsuitability of fixed annuity purchases, unauthorized and unsuitable purchases in a client’s individual retirement account, unsuitable investments, and unclear commissions and charges incurred.

Based on a FINRA dispute resolution award from October 2018, Puricelli was ordered to pay Wells Fargo $308,000 in principal, interest, and legal fees after a FINRA arbitration panel ruled in favor of Wells Fargo for monies owed to them on a promissory note.  

Since his separation with Wells Fargo, Puricelli has not registered with another firm.

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