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.
New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.
Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.
The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.
The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.
Deal volume increased post-election but now caution has taken over.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
