Ex-Wells Fargo Adviser Receives 2-Year Suspension

Posted on December 9th, 2016 at 10:28 AM
Ex-Wells Fargo Adviser Receives 2-Year Suspension

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has charged a former Wells Fargo adviser named Jack Donnarumma from White Plains, New York, with allegedly misrepresenting himself as a Wells Fargo personal banker and bank officer when in fact he was only an adviser. FINRA also charged Mr. Donnarumma with communicating about standby letters of credit and bank guarantees with his clients. Mr. Donnarumma worked for Wells Fargo starting in April 2013 until he was terminated in November 2014.

In his settlement, Mr. Donnarumma neither admitted nor denied the charges but consented to a 2 years suspension and fine of $20,000 for his alleged improprieties. According to FINRA, Mr. Donnarumma told clients in an email that Wells Fargo Bank was prepared to close a standby letter of credit purchase transactions. However, this statement was misleading because these transactions had not yet been completed at the time the email was sent.

In addition, Mr. Donnarumma also sent a letter to prospective clients falsely claiming that Wells Fargo Advisors was interested in providing financing for a proposed sale-leaseback transaction for five commercial jets. FINRA alleges that Mr. Donnarumma continued these communications even after his supervisor instructed him not to do so.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial investors including unauthorized tradingsecurities fraudbreach of fiduciary dutyretirement planning negligence, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, FINRA, Wells Fargo, Jack Donnarumma, misrepresenting, personal banker, bank officer, adviser, Wells Fargo Bank, transactions, Wells Fargo Advisors,

Return to Archive



If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.


August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).