The law firm of Oakes & Fosher is presently investigating former securities broker Terrence Puricelli. According to his publicly available FINRA BrokerCheck report, Terrence Puricelli has been the subject of multiple customer complaints.

Terrence Puricelli was a Missouri based securities broker. He worked in the securities industry for fifteen years. During his career, he was registered with four different securities firms.

His Registrations

  • Morgan Stanley (2001-2003)
  • PFIC Securities Corporation (2003-2004)
  • Morgan Keegan & Company (2004-2011)
  • Wells Fargo Advisors (2011-2016)

The Allegations

  • In June 2016, a customer alleged that Puricelli executed unauthorized and unsuitable purchases in her IRA. This case was settled for $55,000 in damages.
  • Terrence Puricelli was discharged from his position at Wells Fargo Advisors in August 2016 due to allegations of exercising time and price discretion without the proper authorization. During a FINRA investigation into the matter, he allegedly failed to comply with their request for information and was thus barred from acting as a securities broker in any fashion.
  • In November 2016, a customer alleged unsuitable investments and lack of clarity regarding commissions and charges incurred. The alleged transgressions taking place between November 2013 and September 2016.

What Does This Mean?

Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization.  There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first.  This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Terrence Puricelli, please contact Oakes & Fosher for a free and private consultation.