Wells Fargo financial advisors, David Jeremy Welty and Ane Plate have been barred from the securities industry by FINRA and the SEC, respectively, per AdvisorHUB. Both advisors were accused of stealing customer funds.
Welty was alleged to have converted $8,700 for personal expenses from an account that was originally set up as a “memorial fund,” according to reports. Prior to his termination in December 2016, Welty worked in the Wells Fargo branch in Norristown, PA, beginning in March 2012, according to records. He reportedly consented to the bar without admitting nor denying the allegations.
Plate was accused of stealing $176,000 that was raised through the sale of securities from elderly clients’ account without authorization. According to the AdvisorHUB report, the pilfered money was allegedly used to pay Plate’s mortgage and upgrade her home. Records indicate that Plate worked at the Wells Fargo office in Deltona, FL from 2005 through 2014. Earlier this month, she was reportedly sentenced to 27 months in federal prison.