SEC v. Kenneth Welsh

Kenneth Welsh allegedly misappropriated at least $2.86 million from the accounts of multiple clients and customers by transferring funds from his clients’ and customers’ accounts to credit card accounts held in the names of his own wife and parents and by causing checks to be fraudulently drawn on his clients' and customers' accounts. According to the complaint, Welsh made at least 137 fraudulent transactions and used the money to purchase gold coins and other precious metals, buy luxury goods, and make electronic fund transfers to himself.

Summary generated from official Securities and Exchange Commission press release