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Wells Fargo Broker Expelled By FINRA For Stealing From Child

May 01, 2012 3:39 PM ET
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Ralph Edward Thomas, Jr. of Reistertown, MD, most recently with Wells Fargo Advisors, was sentenced to four years in prison and ordered to pay $838,000 in restitution for stealing money from several customers. One of the customers was a a trust fund set up for a child suffering from cerebral palsy.

FINRA announced the bar from the industry in its March disciplinary actions. The U.S. Attorneys Office for the District of Maryland alleged that Thomas had been stealing from customers for a few years. Over $750,000 was taken from the child's trust fund, which had been funded with a $3 million medical malpractice settlement. The fraud began as early as 2001. Thomas joined Wells Fargo in 2004 and was discharged in 2010. Prior to that time he worked for Invest Financial Corporation and SunTrust Securities, Inc.

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