Fair 56°
Tag:

Investment advisor fraud

News
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 …

SHARE

by Jerry DeMarco