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.
“The White House has extremely strict ethical guidelines with respect to issues like this,” said Press Secretary Karoline Leavitt.
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