Authorities say a former broker and investment advisor from Bergen County has been arrested for allegedly stealing over $2.8 million from his clients.

41-year-old Kenneth A. Welsh of River Edge was charged with four counts of wire fraud and one count of investment advisor fraud, according to Acting U.S. Attorney Rachael Honig.

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Honig's office says from July 2017 through March of this year, Welsh, who worked for a large brokerage firm, misappropriated at least $2.86 million from five clients. Welsh's scheme involved diverting money from their brokerage accounts to accounts that he controlled. He then used the money for gambling and to purchase high-end, luxury items for himself.

Each of the wire fraud counts carries up to 20 years in prison and a $250,000 fine. The investment adviser fraud count carries a maximum penalty of five years behind bars and a $10,000 fine.

Welsh is scheduled to appear before a judge sometime on Thursday.

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