New York Securities Fraud Lawyers Blog
AdvisorHub reported on January 23, 2017 that the SEC permanently barred Ane Plate from the securities industry for stealing from her elderly clients. Ms. Plate was most recently registered as a broker from May 2005 to June 2014 with Wells Fargo Advisors Financial Network, LLC out of the broker-dealer’s Orlando, Florida office.
The Securities and Exchange Commission (SEC) Order detailed that from October 2013 to April 2014, she made 15 unauthorized sales of securities from her elderly clients’ accounts totaling over $176,000. In a regulatory action brought by the Financial Industry Regulatory Authority (FINRA), Ms. Plate submitted a Letter of Acceptance, Waiver and Consent No. 2014041705101 (AWC) where she accepted and consented to findings by FINRA that she facilitated the $176,000 to be transferred to her client’s bank account where she then arranged for 15 checks to be issued from the customer’s account, payable to her. The AWC detailed that in total, Ms. Plate converted $140,058 from her brokerage customer, and that this conduct violated FINRA Rules 2150 (Improper Use of Customers’ Securities or Funds) and 2010 (Standards of Commercial Honor and Principles of Trade). Ms. Plate was terminated from her employment with Wells Fargo for this same conduct, according to her publicly available BrokerCheck report as maintained by FINRA.
The SEC Order stated that on May 20, 2015, Ms. Plate pled guilty to one count of Theft, Embezzlement, or Misapplication by a Bank Officer or Employee, in violation of Title 18, United States Code, Section 656, in the United States District Court for the Middle District of Florida. Ms. Plate’s criminal case is titled United States v. Ane Plate, Case No. 6:15-cr-00084-GKS-GJK (M.D. Fla).