$3 million fraud — NJ investment advisor admits stealing from clients

An investment advisor from the Garden State now potentially faces decades in prison after he admitted to stealing millions of dollars from his clients.

42-year-old Kenneth A. Welsh of River Edge, Bergen County, has pleaded guilty in federal court to an indictment charging him with four counts of wire fraud and one count of investment advisor fraud.

Authorities said from July 2017 through March 2021, Welsh, while serving in his capacity as an investment advisor employed by a large brokerage firm, misappropriated at least $3 million from five clients.

Welsh took that money, diverted it into accounts under his control, and then used it to gamble and buy high-end luxury items for himself.

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Each of the wire fraud counts carries a maximum potential penalty of 20 years in prison and a $250,000 fine. The investment advisor fraud charge could send Welsh to prison for five years with a $10,000 fine.

Sentencing is scheduled for March 26th.