A New Jersey judge awarded $909,000 to an ophthalmologist who was allegedly defrauded by her financial adviser, ThinkAdvisor reported Feb. 15.
Kenette Sohmer, MD, was granted the sum after a judge ruled that former Wells Fargo broker Kenneth Welsh bilked her out of about $900,000, which he then used to buy a house, the report said.
Dr. Sohmer alleged in her complaint that Mr. Welsh withdrew almost $1.9 million without authorization from a brokerage account she maintained at Wells Fargo. She alleged he transferred the funds to recipients unknown to her in 76 transactions from December 2018 through March 2021, the report said.
She also alleged that nearly $250,000 had been withdrawn from her Wells Fargo IRA in eight transactions from January through August 2020, also without authorization.
If found guilty on all counts, which include the alleged theft of more than $2.86 million from a total of five clients, Mr. Welsh could face up to 85 years of prison time, the report said.