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.
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