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Written by 2:19 am Blog, Securities Fraud Articles

Anne Marie Schlenker Charged With Theft of Client Funds

ANNE MARIE SCHLENKER was a financial adviser representative and salesperson for Edward Jones and Company in Bozeman, Montana, from May 31, 2004, until her fraud was discovered in February 2010. SCHLENKER used her position at Edward Jones to misappropriate $329,682.15 of client money for her own personal use from October 18, 2006 to November 16, 2009. SCHLENKER made misrepresentations to clients to have funds wired from her clients’ accounts to her own personal accounts at Wells Fargo, First Horizon, Suntrust, and Citifinancial. SCHLENKER made misrepresentations to have over $50,000 wired from a client’s account to pay for upgrades to a house she was building. Aside from her personal accounts, SCHLENKER also had $11,485.00 wired from a client’s account to a jewelry business in Bozeman, Montana, to pay off her jewelry debt. At the time, this client was a 72-year-old retiree. Additionally, SCHLENKER made misrepresentations to have funds moved from one client’s account to pay back another client from whom SCHLENKER had taken money. The total amount returned was $63,862.21, which results in a total fraud loss of $265,819.94.

SCHLENKER ultimately confessed to Edward Jones that she took money from client accounts via unauthorized transactions. Edward Jones terminated her on February 18, 2010.

SCHLENKER faces possible penalties of 20 years in prison, a $250,000 fine, and three years’ supervised release.

In November, Edward Jones entered into a settlement agreement in which it agreed to pay $349,464.92 in restitution to Schlenker’s victims, pay a fine of $100,000, and make specific changes to its books and records retention policies and procedures.

The investigation into SCHLENKER’s actions was conducted by the Federal Bureau of Investigation as a cooperative effort between the Securities and Insurance Commissioner’s Office and the U.S. Attorney’s Office.

This information has been provided by The White Law Group.  The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors and financial advisors in securities litigation matters.  If you have questions about the way your investments have been handled, the securities attorneys of The White Law Group may be able to help.

For more information on The White Law Group, visit https://whitesecuritieslaw.com.

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