Jack Donnarumma

Jack Donnarumma Review

Reviews: 1

1 RATING
(1)

Total views: 4023

Published: 14 January 2019

Posted by: Anonymously

My firm was contacted by a Mr. Jack Donnarumma, who represented that he was a Wells Fargo Banker/Broker. Mr. Donnarumma maintained that he could help my firm to sell a large amount of Bank Debt, in the form of Bank Guarantees issued by a private bank. Under contract we successfully delivered the Bank Guarantees to Mr. Donnarumma’s buyers account at HSBC Hong Kong, under the express condition that Mr. Donnarumma had verified this supposed buyer had funds available at the bank to complete the transaction. After weeks of going back and forth, between the two banks, multiple secure bank messages it was finally disclosed to us that Mr. Donnarumma buyer did not have any funds within HSBC, and HSBC was not able to credit the instrument to the account. During this time Mr. Donnarumma left or was fired by Wells Fargo Advisors. We attempted to verify letters that Mr. Donnarumma wrote on Wells Fargo letter head and Wells Fargo told us they were not authorized. Mr. Donnarumma not only made false representations, he cost our firm significant losses by transferring the assets to a phantom buyer. * Since this post was made, it was deterimed that Wells Fargo Adivsors fired Jack Donnarumma for conduct; .

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