According to the Baltimore Sun, Ralph Edward Thomas Jr. pleaded guilty “to mail fraud in connection with the theft of more than $800,000 from accounts he managed for a child suffering from cerebral palsy and for an elderly client with dementia.” All but $75,000 of that money was said to be stolen from trust accounts meant to support a handicapped child.
The financial advisor established a relationship with the boy’s mother when he was the vice president of Harbor Financial Services. According to the Baltimore Sun after a meeting in 2001, he “established complete control over the child’s trust account.” He then, reportedly, stole from that account and monies meant for that account until June of 2010.
In addition to the theft involving the child’s trust account, Ralph Edward Thomas Jr. admitted to stealing $75,000 dollars from an elderly client while he was employed at Wells Fargo Advisors, LLC. According to his FINRA broker report (CRD), Thomas was registered with FINRA at Wells Fargo Advisors, LLC from February 2004 until August of 2010.
The Baltimore Sun reports that “Thomas faces a maximum sentence of 20 years in prison and a $250,000 fine for mail fraud.”
If you have questions about investments you made with Ralph Edward Thomas Jr. while he was employed at Wells Fargo Advisors, LLC please call The White Law Group’s Chicago office at 312/238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.