FINRA has reprimanded a former Wells Fargo adviser for allegedly communicating with customers about bank transactions that were outside the scope of his authority.

The regulator chided Jack Donnarumma for supposedly holding himself out as a Wells Fargo personal banker and bank officer when in fact he was an adviser and for communicating with clients about standby letters of credit and bank guarantees.

FINRA sanctions former JPMorgan rep for alleged false claims about fraudulent credit card charges.

"Donnarumma did not have authority to do anything more than refer customers interested in standby letters of credit or bank guarantees to Wells Fargo Bank," FINRA charged in its settlement with the adviser.

The regulator suspended Donnarumma for two years and fined him $20,000 for the alleged improprieties.

Donnarumma could not be reached for comment. In his settlement with FINRA, he neither admitted nor denied the charges but consented to an entry of FINRA's findings.

FINRA accused Donnarumma of falsely stating in an email that Wells Fargo Bank was prepared to close immediately on a standby letter of credit purchase transaction, when in fact the transaction had not been consummated. He also purportedly sent a letter to a prospective customer falsely stating that Wells Fargo Advisors was interested in providing financing for a proposed sale-leaseback transaction involving five commercial jets.

FINRA alleged that Donnarumma continued customer communications about standby letters of credit and bank guarantees even after his supervisor instructed him not to do so.

Donnarumma worked for Wells Fargo Advisors in White Plains, N.Y., from April 2013 to November 2014, when he was discharged for "failing to follow the directives of management," according to BrokerCheck records.

In his LinkedIn profile, Donnarumma noted that he specialized in institutional and high-net-worth individuals and focused on strategic asset allocation.

Emily Acquisto, a spokeswoman for Wells Fargo Advisors, declined to comment on the matter.

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