Former broker admits using victim’s $472K to pay his own bills

MORRISTOWN, NJ (Morris County) – A Morris County man has entered a guilty plea Monday to theft by deception, according to Morris County Prosecutor Fredric M. Knapp.

Keith Enlow of Pequannock entered a guilty plea before the Honorable Thomas J. Critchley, J.S.C. to one count of second-degree theft by deception, Knapp said.

Enlow, a former registered representative at Merrill Lynch, convinced the victim to move her money into an online brokerage account where the defendant claimed he would manage the funds for the victim’s benefit.

After the money was moved, Enlow withdrew approximately $9,400.00 each month to pay for his own personal expenses. He also transferred money into accounts under his own name, in which he conducted highly speculative losing trades.

As a result of Enlow’s losing trades and the withdrawal of the victim’s money for his own benefit, the victim suffered a loss of $472,000.00 within approximately 18 months.

This investigation was conducted by the Morris County Prosecutor’s Office Financial Crimes Unit.

Enlow faces four years in New Jersey state prison and has agreed to restitution of the entire amount. He is scheduled to be sentenced on September 21, 2018.

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By: Jay Edwards Follow on Twitter | Like on Facebook