{"id":1056,"date":"2012-04-26T17:51:12","date_gmt":"2012-04-26T17:51:12","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/04\/finra_bars_former_wells_fargo"},"modified":"2022-03-09T16:16:28","modified_gmt":"2022-03-09T22:16:28","slug":"finra-bars-former-wells-fargo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-bars-former-wells-fargo\/","title":{"rendered":"FINRA Bars Former Wells Fargo Advisors Broker that Bilked Child with Cerebral Palsy"},"content":{"rendered":"

\t\t\t\tRalph Edward Thomas Jr., a former broker has been permanently barred from the Financial Industry Regulatory Authority. Thomas, who misappropriated money from three clients, including a child suffering from cerebral palsy, has been sentenced to a prison term of four years. He also must pay $836,000 in restitution.<\/p>\n

According to prosecutors, the former broker stole the money over several years. More than $750,000 came from the child’s trust fund, which held the proceeds from a medical malpractice settlement he received for $3 million. During this time, he worked for Invest Financial Corporation, Harbor Financial Services, and Wells Fargo Advisors, which terminated him as their broker in 2010.<\/p>\n

This case of securities fraud<\/a> started after the child’s mom moved the trust to the bank in 2001. This gave Thomas control over the money. He would give out up to $1,500 of the child’s almost $6,300 in monthly annuity payments. He would then use withdrawal slips with the mother’s signature already written on it to buy cashier’s checks and take out money. He would deposit the checks in his personal accounts at other banks. In addition to the over $750,000 that he converted from the child’s account, Thomas converted $12,500 of the mother’s money.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Ralph Edward Thomas Jr., a former broker has been permanently barred from the Financial Industry Regulatory Authority. Thomas, who misappropriated money from three clients, including a child suffering from cerebral palsy, has been sentenced to a prison term of four years. He also must pay $836,000 in restitution. According to prosecutors, the former broker stole […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3803,3836],"tags":[],"class_list":["post-1056","post","type-post","status-publish","format-standard","hentry","category-senior-investors","category-wells-fargo"],"yoast_head":"\nFINRA Bars Former Wells Fargo Advisors Broker that Bilked Child with Cerebral Palsy — Investor Lawyers Blog — April 26, 2012<\/title>\n<meta name=\"description\" content=\"Ralph Edward Thomas Jr., a former broker has been permanently barred from the Financial Industry Regulatory Authority. 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