Enter to win every day in CTNOW's 21 Days of Summer Giveaways. Click here to see today's prize.
CT Now

Reisterstown financial advisor pleads guilty in fraud

A Reisterstown financial advisor pleaded guilty in federal court in Baltimore on Wednesday to mail fraud in connection with the theft of more than $800,000 from accounts he managed for a child suffering from cerebral palsy and for an elderly client with dementia.

Ralph Edward Thomas Jr., 52, a former vice president in a subsidiary of Harbor Bank, used more than $100,000 in stolen money from the child's trust fund to buy a home, the U.S. Attorney's office said.

Thomas also obtained three mortgages valued at $205,000 on the home of the child's mother, using her name without her knowledge, authorities said.

Separately, while employed as a financial advisor for Wells Fargo Advisors from 2004 to last year, Thomas fraudulently withdrew $75,000 from an elderly client's account, authorities said.

As part of the plea deal reached in the U.S. District Court of Maryland, Thomas agreed to repay $838,000 with his own funds and with proceeds from the sale of his real estate and several luxury cars.

Thomas faces a maximum 20-year prison sentence and a $250,000 fine for mail fraud. His sentencing is scheduled for Feb. 3.

Gus.sentementes@baltsun.com

Twitter.com/gussent

Copyright © 2015, CT Now
Related Content
  • Baltimore homicides map

    Baltimore homicides map

  • Baltimore exceeds 40 homicides in July

    Baltimore exceeds 40 homicides in July

    July has seen more than 40 homicides so far, making it the second month in 2015 that homicides in Baltimore city have risen above 40. Homicides are also up across the board since 2014. See our homicide map here for a deeper dive into the data. Data accurate as of July 29, 2015 Months with more...

Comments
Loading
80°