A former Wells Fargo registered rep was barred from the brokerage industry last month for allegedly looting more than $140,000 from a customer account, according to a settlement letter FINRA posted on its website.
In the document, FINRA claims that Ane S. Plate, an advisor who worked with Wells Fargo Advisors Financial Network in Orlando, Fla., effected 15 unauthorized trades in a joint brokerage account belonging to two customers. The transactions, which allegedly occurred between October 2013 and April 2014, resulted in cash proceeds of $176,080. FINRA claims that Plate then transferred approximately $176,000 to the customers' retail bank account, pocketing their money by writing 15 checks to herself totaling $132,358.
In addition, FINRA alleges that Plate arranged for bi-weekly transfers from the customers' brokerage account to a bank account that belonged to Plate's relative. According to FINRA, she transferred $7,700 to her relative's account between December 2013 and May 2014.
Plate could not be reached for comment.In her settlement with FINRA, she neither admitted nor denied the charges but consented to an entry of FINRA's findings.
Plate joined Wachovia Securities in May 2005, before it was acquired by Wells Fargo. She was fired in May of 2014 after Wells Fargo discovered the alleged theft.
According to BrokerCheck, the aggrieved customers were reimbursed for the full amount stolen from their account, plus interest.
Anthony Mattera, a spokesperson for Wells Fargo Advisors, declined to comment on the matter.
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