Ane S. Plate, a former registered representative with Orlando, Florida based Wells Fargo Advisors Financial Network, LLC (Wells Fargo), consented to, but did not admit to or deny, the sanction and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that she effected 15 unauthorized trades from a customer’s Wells Fargo account, and converted the proceeds of those unauthorized trades for her personal use and benefit.
Ane Plate, of Deland, Florida, allegedly effected 15 unauthorized trades in a Wells Fargo customer’s account to generate $176,080 in cash that was diverted to her personal bank account. According to FINRA, Ms. Plate facilitated the transfer of the proceeds to the customer’s retail bank account and arranged for 15 checks to be issued from the account, payable to herself. She allegedly deposited the checks, which totaled $132,358, into her personal bank account for her personal use. Consequently, Ms. Plate was permanently barred from association with any FINRA member in any capacity.
Stockbrokers and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as unauthorized trades and conversion of funds, which violate industry rules and procedures. In order to protect investors from broker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If broker-dealers and their supervisors do not establish and implement these protective measures, they may be held liable to investors for losses flowing from the misconduct. As a result, investors who have suffered losses stemming from a stockbroker or registered representative’s fraudulent and unlawful misconduct can bring forth claims to recover damages against brokerage firms like Wells Fargo, which have a duty to supervise its employees in order to prevent broker misconduct.
Have you suffered losses in your Wells Fargo investment account due to your broker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for unauthorized trades, conversion of funds, and other misconduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over , Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.