Ex-Wells Fargo Adviser Arrested on Client-Fraud Charges (1)

A former Wells Fargo & Co. investment adviser stole nearly $3 million from clients and used the money for personal expenses and to buy gold coins, federal prosecutors said.

Kenneth A. Welsh, 41, was arrested at his home in River Edge, New Jersey, Thursday morning on charges that he misappropriated funds from the accounts of five investors between 2016 and 2021, some of whom were “elderly and financially unsophisticated.” Welsh, who worked for Wells Fargo in nearby Fairfield, was fired in June when his conduct was discovered.

Welsh, who faces as much as 20 years in prison if convicted, was ...