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Edward Thomas
Financial adviser accused of defrauding vulnerable clients

A federal grand jury indicted a Baltimore financial adviser Tuesday for mail fraud in an alleged scheme to defraud vulnerable clients including an 85-year-old with dementia of more than $838,500, according to the U.S. attorney for the District of Maryland. Federal prosecutors say Ralph Edward Thomas Jr., 52, was vice president of a Harbor Bank subsidiary in late 2001 when he convinced a woman who was a trustee of her injured daughter's $3 million legal settlement to move the account to Harbor Bank. Thomas siphoned off about $756,964 from the account, according to the indictment, and used the money to buy a Reisterstown house and to pay off credit cards. Prosecutors say Thomas also...