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Wells Advisor Stole $2.7M+ from Elderly Eye Doc, Lawsuit Alleges

Dr. Kenette Sohmer, a 77-year-old eye doctor in New Jersey, says Kenneth Welsh, her Wells Fargo financial advisor, ripped her off to the tune of more than $2.7 million. So reports The New York Post.

gavel 3576932 640smallSohmer says Welsh took more than $1.8 million from her investment accounts and another $900,000 to buy a luxury home. Sohmer is seeking to take possession of Welsh’s five-bedroom River Edge house and wants at least a $10 million award in arbitration.

Wells Fargo has returned the money stolen by Sohmer and a judge issued a judgement of $909,000 in damages related to the house, but did not award Sohmer the actual property. Sohmer’s lawyer plans to request the court reconsider the transfer of the deed.

Welsh was arrested in October for stealing from five clients for a total of $2.8 million or more. He’s been charges with five counts for wire fraud and investment advisor fraud. In addition, Welsh faces a separate lawsuit from the SEC.

Read the full article from The New York Post.

 

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