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Morgan Stanley

Police & Fire
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
News
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond
Billion-Dollar Stock Fraud: Indicted Bergen County Businessman Freed On $100M Bond 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…

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by Jerry DeMarco
News
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says A financial adviser from Mahwah pocketed nearly $700,000 and diverted another $300,000 or so of a 98-year-old widow’s money, said state authorities who stripped him of his ability to operate any longer in New Jersey. John Joseph Cahill, 71, used the woman’s bank account to write and cash $693,990 worth of checks, state Attorney General Gurbir S. Grewal said Friday. Cahill also used the account to pay his daughter, his wife, and various others more than $300,000 to provide unexplained services to the woman, the attorney general said. Cahill had been granted power of attorney for the victim,…

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by Jerry DeMarco
Obituaries
Liam O'Connell, 40, Of Hoboken; Fought Cancer With 'Humor And Grace' Liam O'Connell, 40, Of Hoboken; Fought Cancer With 'Humor And Grace'
Liam O'Connell, 40, Of Hoboken; Fought Cancer With 'Humor And Grace' Liam Patrick O'Connell of Hoboken died at home Friday. He was 40 years old.  He died from a rare form of nueroendocrine cancer, which he battled for eight months with "humor and grace," loved ones said.  Born in Red Bank to Timothy and the late Catherine O'Connell, he graduated from Holmdel High School and Boston College before embarking on a successful career as a financial adviser. He worked for Merrill Lynch for 15 years and finished his career with Morgan Stanley.  Along with his father, he is survived by his wife Stefanie; brothers Tim O’Connell Jr and Sean O’Conne…

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by Paul Milo