Ane S. Plate, of Orlando, Florida, was barred by the Securities and Exchange (SEC) Commission from working as an investment advisor or broker, or associating with firms selling securities or providing investment advice based upon an Order Instituting Administrative Proceedings containing findings that Plate pled guilty to embezzlement, theft, or misapplication in violation of 18 U.S.C. § 656. Securities and Exchange Commission v. Plate, Case No. 3-17804 (Jan. 23, 2017).
Plate has also been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she effected unauthorized transactions in a customer’s account, and converted the customer’s funds. Letter of Acceptance, Waiver and Consent, No. 2014041705101 (Aug. 26, 2014).
According to the AWC, between October of 2013 to April of 2014, fifteen trades were effected in the firm account of customer DM on an unauthorized basis, which caused $176,080.00 to be distributed in cash. The AWC stated that the funds were then transferred into the retail account belonging to DM. Fifteen checks were reportedly issued from the customer’s retail account, where $132,358.00 was made payable to Plate. Evidently, Plate utilized the funds for her own benefit. Additionally, $7,000.00 of funds were converted by Plate from customer DM’s account in December of 2013, where money was placed into an account belonging to Plate’s relative. The AWC stated that Plate’s conduct was violative of FINRA Rules 2010 and 2150(a).
FINRA Public Disclosure reveals that on May 27, 2014, Plate was terminated by Wells Fargo Advisors Financial Network, LLC based upon allegations the aforementioned misconduct. Subsequently, on July 22, 2014, a customer initiated investment related complaint involving Plate’s conduct was settled for $133,533.00 in damages based upon allegations that she effected unauthorized transactions in the customer’s brokerage account.
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