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Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins Feds Indict Bergen Advisor For Stealing $3M From Senior Clients To Gamble, Buy Home, Gold Coins
Feds Indict Bergen Advisor For Stealing $3M From Senior 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…

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by Jerry DeMarco
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FBI: High-Living Bergen Investment Broker Busted For Stealing Millions From Clients FBI: High-Living Bergen Investment Broker Busted For Stealing Millions From Clients
FBI: High-Living Bergen Investment Broker Busted For Stealing Millions From Clients FBI agents arrested a former investment advisor early Thursday at his River Edge home and charged him with gambling and pocketing nearly $3 million of clients' money. Kenneth A. Welsh, 41, victimized five clients in all while working for Wells Fargo Clearing Services in Fairfield, Acting U.S. Attorney for New Jersey Rachael A. Honig said. Welsh diverted at least $2.86 million of their money to "fund his gambling and to purchase high-end, luxury items for himself" from July 2017 through this past March 2021, Honig said. Federal agents charged Welsh with four counts of wire fraud and one of …

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by Jerry DeMarco