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Advisor sentenced for defrauding clients
February 04, 2012 01:49 GMT
BALTIMORE (AP) -- Federal prosecutors say a financial advisor who stole from a trust held for a child with cerebral palsy and another held by an elderly woman has been sentenced to four years in prison.
Fifty-three-year-old Ralph Edward Thomas Jr. of Reisterstown was also ordered to pay more than $800,000 in restitution, forfeit his home and luxury cars at sentencing on Friday.
According to his plea agreement, Thomas stole from a trust established for the child and used the money to buy his Reisterstown home. He also stole from an elderly woman's account and used the money to pay his credit card bills.
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