KENNETH A WELSH Formerly of Wells Fargo

In a recent article from the New York Post, it is alleged that an elderly New Jersey eye doctor claims her Wells Fargo financial advisor, KENNETH ANDREWS WELSH (KENNETH A WELSH CRD#: 4657872) allegedly misappropriated more than $1.8 million from her investment accounts and then took another $900,000 to buy himself a luxury home.  The former 77 year old client, is suing KENNETH A WELSH to take possession of the five-bedroom house in River Edge, New Jersey. Welsh allegedly handled the eye doctor’s retirement accounts at Wells Fargo until he was fired in June.
KENNETH A WELSH was arrested in October for allegedly misappropriating the funds of five clients, including the eye doctor, for a total of at least $2.8 million, transferring their money into his own accounts in order to gamble, buy gold coins, and other luxury items, according to the court documents.
Welsh is charged with four counts of wire fraud and one count of investment advisor fraud, according to the US Attorney’s office in New Jersey. KENNETH A WELSH also faces a separate suit from the Securities and Exchange Commission (SEC).
The eye doctor said in The Post article that she met Welsh through her late father and she trusted him to make financial decisions with her money invested at Wells Fargo.  Allegedly, KENNETH A WELSH also misappropriated money from her accounts at two other banks, taking out $898,000 on April 30, 2019, court papers say. The next day Welsh and his wife, paid $900,000 for the River Edge house.
A New Jersey Superior Court judge awarded the doctor $909,000 in damages for the house but not the property itself, which the doctor wants to sell, according to the article. Wells Fargo returned the money KENNETH A WELSH allegedly misappropriated, but his former client is seeking an award of at least $10 million through an arbitration process.
According to FINRA’s BrokerCheck, KENNETH A WELSH has been in the securities industry for 17 years and was listed with 4 firms both as a broker and as an investment advisor. Welsh has 7 Disclosures on his FINRA CRD report, 5 are “Customer Disputes.” Of the 5 Disputes, 4 have settled and 1 is pending, all from 2021.
Welsh was previously listed with:
09/07/2012 - 07/08/2021 WELLS FARGO CLEARING SERVICES LLC - FAIRFIELD, NJ
If you or an elderly loved one have experienced investment losses due to the actions or recommendations of the former broker from WELLS FARGO CLEARING SERVICES LLC in FAIRFIELD, NJ, KENNETH A WELSH, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.