Wells Fargo Broker Accused of Stealing From Elderly Client

January 24, 2012

Another sad story about a stockbroker taking advantage of an elderly client.  According to Forbes, Ralph Edward Thomas Jr. of Baltimore misused his elderly client’s funds in a number of ways, including:

Between June 2006 and May 2009, without permission, and through forgery, Thomas initiated three mortgages in the name of KL on her personal residence.  The mortgages’ proceeds were deposited into the client’s Harbor Bank account and then allegedly withdrawn by Thomas, who diverted the funds to his personal use. KL incurred $26,886.36 in losses and expenses as a result of these three mortgages.  On July 29, 2009, Thomas stole $100,000 from the trust in order to purchase a home.

Although I’d like to say that this type of conduct is rare, it isn’t.  Clients that are vulnerable because of age or infirmity must make sure their money is well taken care of.  If you or a friend/family member have been a victim of this or any other stockbroker’s misconduct, please call Jeffrey Salas at 312.803.4963 or fill out the contact form below.

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