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Financial advisor sentenced in scheme to defraud clients

Reisterstown man gets four years in prison

The Baltimore Sun

2:51 PM EST, February 3, 2012

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A Reisterstown financial advisor was sentenced Friday to four years in prison followed by three years of supervised release for mail fraud in connection with defrauding clients, including a child suffering from cerebral palsy, the Maryland U.S. Attorney's Office announced.

U.S. District Court Judge Catherine C. Blake also ordered Ralph Edward Thomas Jr. to pay $838,350 in restitution and to forfeit property in order to do so, including funds related to investment accounts, his home and his luxury cars.

Thomas, a former vice president in a subsidiary of Harbor Bank, used $100,000 in money stolen from the sick child's accounts to buy a home. He also obtained three mortgages valued at $205,000 on the home of the child's mother, using her name without her knowledge.