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.

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.