Posted November 20, 2023
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✓ Did you invest money with former Wells Fargo broker Kenneth A Welsh??
✓ Are you concerned about the recent indictment and pending securities fraud allegations brought by the Securities and Exchange Commission (“SEC”) against Kenneth Welsh?
✓ Are you concerned about your investments with Kenneth Welsh?
✓ Would you like your potential options for compensation or redress to be reviewed by an experienced team of investor lawyers?
If so, request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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Posted November 20, 2023
Investor rights lawyer Alan Rosca and his team at Rosca Scarlato LLC have been investigating potential investment loss recovery options on behalf of investors who are concerned they may have lost money invested with broker Kenneth Welsh.
Public records under the review by attorney Alan Rosca and his colleagues reveal that Welsh was recently indicted for defrauding his clients and had been subject to a complaint filed by the Securities and Exchange Commission in the United District Court for the District of New Jersey in October 2021. Both cases are pending
Kenneth Welsh customers who believe they suffered losses as a result of their investments with him and are interested to evaluate potential options to seek compensation and/or pursue claims may contact investor rights attorneys Alan Rosca and Paul Scarlato. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Attorneys Rosca and Scarlato have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of securities laws violations, including sales of unregistered securities, breach of fiduciary duty, and fraudulent conduct. They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful.
Kenneth Welsh customers who are concerned they may have suffered losses in connection to their investment may contact attorneys Alan Rosca or Paul Scarlato to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Kenneth Andrews Welsh, a former Wells Fargo broker and investment advisor in River Edge, N.J., has reportedly been indicted on four counts of wire fraud and one count of investment advisor fraud, following allegations that he misappropriated over $3 million from five clients. The charges were announced by the U.S. Attorney’s Office for the District of New Jersey in a press release dated November 16, 2023.
The indictment, reportedly handed down by a federal grand jury in New Jersey, reportedly details Welsh‘s allegedly illicit activities during his tenure at Wells Fargo’s Fairfield branch, from September 2012 to June 2021, when he was reportedly terminated by the firm for misappropriation of client funds.
The indictment outlines that Kenneth Welsh allegedly exploited his position of trust by signing blank forms under the guise of routine account maintenance. These forms were then allegedly used to execute wire transfers totaling around $2.6 million from victims’ brokerage accounts to accounts held by Welsh‘s relatives, identified in the indictment as the “Welsh Family Accounts.”
According to the indictment, Welsh allegedly forged or manipulated distribution request forms, leading to cashier’s checks totaling approximately $268,740 drawn against victims’ accounts. These funds were purportedly used for personal expenses, including gambling and luxury items. Furthermore, Welsh allegedly signed blank forms, causing wire transfers to the Welsh Family Accounts for personal financial benefit.
In addition to the wire fraud charges, Welsh allegedly faces a separate charge of investment advisor fraud. According to the indictment, from July 2017 to March 2021, Welsh willfully and knowingly employed devices, schemes, and artifices to defraud clients. The indictment alleges deceptive transactions and practices that operated as a fraud and deceit upon clients, violating relevant sections of the United States Code.
According to the press release issued by the U.S. Attorney’s Office, the charges against Welsh carry severe penalties, with each wire fraud count carrying a maximum potential sentence of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense. The investment advisor fraud count reportedly holds a maximum potential penalty of five years in prison and a $10,000 fine, or twice the gross gain or loss.
Potential Compensation Claims
In addition to the criminal charges, Welsh is also subject to a civil case filed by the Securities and Exchange Commission in October 2021, on similar allegations. The securities regulator is reportedly seeking injunctive relief, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties. According to a recent status report filed by the SEC on October 10, 2023, after the criminal case has been resolved, the Commission intends to move for a default judgment as to Welsh.
As of the date of this blog Welsh’s FINRA Brokercheck page displays disclosures of at least six customer dispute against Welsh’s former employers since April 2021, referencing Welsh, and reported as settled.
Investment fraud attorneys Alan Rosca and Paul Scarlato have developed a nationwide practice assisting investors around the country to seek compensation for their losses arising out of broker misconduct, investment fraud, and Ponzi schemes. They and their team are currently evaluating potential claims for compensation on behalf of any investors who may have suffered losses as a result of investing with Kenneth Andrews Welsh.
“Financial industry companies typically have a duty to monitor their operations and supervise their associated persons,” said attorney Rosca. When financial industry businesses fail in their duties, they may be held liable to victims of their associated persons, depending on the particular facts specific to each case, attorney Rosca indicated.
If you are concerned about your investments with Kenneth Welsh, please contact attorneys Alan Rosca or Paul Scarlato for a free, no-obligation evaluation of your loss recovery options, toll-free at 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Kenneth Welsh Investor Alert page is not affiliated with Kenneth A. Welsh. There has not been an adjudication on the merits of the allegations in the cases referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
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