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A Financial Industry Regulatory Authority arbitrator has ordered a former Wells Fargo Clearing broker to repay the firm nearly $1 million over unpaid promissory notes.
The broker, Norman Fuller Barrett III, was fired by Wells Fargo in November 2024 while working at the firm's Hyannis, Massachusetts, location following an arrest for failing to appear in court on a previous matter and failure to disclose a DUI arrest, according to his BrokerCheck profile.
Wells Fargo made its claim with FINRA on Oct. 17, 2025, according to the arbitration award, dated Wednesday. Wells Fargo asserted that Barrett breached repayment of a March 2, 2018, promissory note.
Barrett is now with Aegis Capital. In May 2025, the Massachusetts Securities Division placed conditions on Barrett's registration as an IAR and as a BD agent of Aegis.
For three years Aegis must supervise Barrett on a "heightened basis," which includes quarterly background checks as well as reviewing 25% of Barrett's electronic communication to "ensure Barrett is properly disclosing all events required to comply with all Aegis policies and procedures," according to BrokerCheck.
In May 2018, while working at UBS, the Massachusetts Securities Division also placed Barrett on heightened supervision for failing to promptly notify UBS of the same reportable event.
Barrett "affirmed to his then-employer on two occasions that he had no reportable events since his last affirmation," his BrokerCheck profile states. "Barrett also failed to promptly provide FINRA with complete documentation relating to his disclosure."
Wells Fargo declined to comment on the award.
Barrett's BrokerCheck profile also shows three other criminal disclosures that were all dismissed.
Credit: Diego M. Radzinschi/ALM
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