Kenneth Welsh, a former broker and investment adviser, was arrested Thursday at his home in River Edge, New Jersey, for stealing more than $2.8 million from five clients to pay for his gambling and to buy personal luxury items.
Welsh faces four counts of wire fraud and one case of investment adviser fraud. He could spend 85 years in prison if convicted on all counts.
Welsh was a broker and investment adviser representative at Wells Fargo Advisors in Fairfield, New Jersey from 2012 until he was discharged by the firm this past June after allegations were made that he may have misappropriated client funds.
His Finra BrokerCheck record indicates he began his career at Morgan Stanley in 2004 and worked there until he joined Wells Fargo.
In a parallel civil case, the Securities and Exchange Commission charged Welsh with misappropriating client funds. The SEC alleges that Welsh made at least 137 fraudulent transactions and used the stolen funds to purchase gold coins and other precious metals, buy luxury goods and make electronic fund transfers to himself.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
President meets with ‘highly overrated globalist’ at the White House.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
