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Saturday, jun 1
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Morgan Stanley
Police & Fire
Feds Indict Broker For Stealing $3M From Senior NJ Clients To Gamble, Buy Home, Gold Coins
A disgraced former broker and investment advisor is now under federal indictment for stealing more than $3 million from clients that authorities said he used to gamble and buy gold coins and a new house in Bergen County. Kenneth A. Welsh, 42, of River Edge, "used his position as an investment advisor to gain the trust of his victims," U.S. Attorney Philip R. Sellinger said. "(He) then exploited that trust,” Sellinger said. Welsh was working at Wells Fargo Clearing Services in Fairfield when federal authorities said he began shifting money from clients' accounts to that he controlled in Ju…
News
Indicted NJ Businessman Freed On $100M Bond In Billion-Dollar Stock Fraud
A Bergen County businessman was arrested by federal agents on charges of orchestrating a massive market manipulation scheme that caused one of the biggest Wall Street trading collapses in history. Sung Kook “Bill” Hwang put the entire financial system at risk by conspiring with his former chief financial officer to boost profits for his Archegos Capital Management by lying to banks to inflate the stock prices of publicly traded companies, federal prosecutors said on Wednesday, April 27. The fraud scheme ballooned Hwang’s personal fortune from $1.5 billion to more than $35 billion in a singl…