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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.

Welsh diverted at least $2.86 million of their money to "fund his gambling and to purchase high-end, luxury items for himself," the U.S. attorney for NJ said.

Welsh diverted at least $2.86 million of their money to "fund his gambling and to purchase high-end, luxury items for himself," the U.S. attorney for NJ said.

 Photo Credit: Keenan Constance on Unsplash
Jerry DeMarco

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 investment advisor fraud, she said. He was scheduled for a first appearance Thursday afternoon before a U.S. magistrate judge in Newark.

Honig credited special agents of the FBI with the investigation leading to his arrest. Assistant U.S. Attorney Shawn Barnes of Honig's Economic Crimes Unit in Newark is handling the case for the government.

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