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Ex-Wells Fargo FA Gets 2+ Years in Prison Over $450K Fraud

By Alex Padalka May 17, 2021

A former Wells Fargo advisor is heading to prison for more than two years for fleecing investors out of hundreds of thousands of dollars.

Between May 2015 and January 2018, Ramon Herrera, of Jersey City, N.J., used his position as a “registered broker and financial advisor at a clearing services company associated with ‘Financial Institution-1’” to collect confidential information about the bank's customers in the Hudson County area, the U.S. Attorney’s Office for the District of New Jersey says. Many of the bank customers were elderly or communicated with Herrera in Spanish, the office notes.

Herrera then got the bank customers to sign blank withdrawal slips and used them to apply their funds to various personal accounts maintained by Herrera and an unnamed family member, eventually stealing more than $450,000 from around 40 bank customers in total, according to the office.

Herrera was registered with Wells Fargo Clearing Services in Jersey City, N.J., from April 2012 to January 2018, according to his BrokerCheck profile. The Financial Industry Regulatory Authority barred him in April 2018 for failing to respond to its request for information, according to BrokerCheck.

Herrera pleaded guilty in October 2019 to one count of wire fraud. He faced up to 20 years in prison and a fine of $250,000 or twice the gain derived or loss caused as a result of his actions, and was originally scheduled for sentencing on Feb. 4, 2020.

Last week, U.S. District Judge Katharine Hayden sentenced Herrera to 27 months in prison plus three years of supervised release, according to the U.S. Attorney’s Office.

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g May. 17, 2021 at 09:37 AM EDT

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Two years? He should have received 20. He besmirches all of us with this criminal behavior.