A 42-year-old investment advisor from River Edge, New Jersey, faces significant prison time after admitting to defrauding his clients of millions of dollars.
Kenneth A. Welsh, formerly employed at a large brokerage firm, pleaded guilty in federal court to charges including four counts of wire fraud and one count of investment advisor fraud. Between July 2017 and March 2021, Welsh misappropriated at least $3 million from five clients while working as their investment advisor.
According to authorities, Welsh diverted these funds into accounts under his control and used the stolen money to finance his gambling habits and purchase luxury items for himself.
Each wire fraud count carries a maximum penalty of 20 years in prison and a fine of up to $250,000. The investment advisor fraud charge carries a potential five-year sentence and a $10,000 fine. Sentencing for Welsh is scheduled for March 26th.
