US Attorney: Bergen County man steals millions from clients
Court documents show Kenneth Welsh stole over $3 million from five of his clients’ brokerage accounts in a four-year period.
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A Bergen County investment advisor was indicted by a federal jury for a major wire fraud scheme, according to the United States Attorney for the District of New Jersey.
Court documents showed that Kenneth Welsh, of River Edge, stole upwards of $3 million from five of his clients’ brokerage accounts and diverted them to accounts under his control.
He did so between July 2017 and March 2021, according to officials.
“We put our faith in several occupations during the course of our lives because we don’t necessarily have the expertise they do,” FBI Newark special agent Charles James E. Dennehy said. “Some of these professionals violate that trust and we allege that's what Welsh did when he stole millions from his clients.”
Welsh was charged with four counts of wire fraud and one count of investment advisor fraud.
The wire fraud counts individually carry a maximum penalty of 20 years in prison and a $250,000 fine, officials said.
Additionally, the investment advisor fraud count carries a maximum penalty of five years in prison and a $10,000 fine.
Dennehy led the investigation leading to the indictment, U.S. Attorney Phillip Sellinger said.
“The defendant used his position as an investment advisor to gain the trust of his victims and then exploited that trust,” Sellinger said.
Welsh’s arraignment date is still pending.
