Posted Tuesday, July 10th, 2018
Pleads Guilty to Theft by Deception Charge
Keith Enlow of Pequannock, a former registered representative at Merrill Lynch, has pleaded guilty to second-degree theft by deception, Morris County Prosecutor Fredric M. Knapp has announced.
The case came to the Morris County Prosecutor’s Office as an allegation of the theft of $472,000 from the victim and was investigated by the Prosecutor’s Financial Crimes Unit.
According to the investigation, Enlow convinced the victim to move her money into an online brokerage account and said he would manage the funds for the victim’s benefit. After the money was moved, Enlow withdrew approximately $9,400 each month to pay for his own personal expenses.
He also transferred money into accounts under his own name and used it to conduct highly speculative and 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.
Supervising Assistant Prosecutor Michael Rappa represented the State at the plea hearings. Enlow faces four years in state prison and has agreed to restitution of the entire amount. The sentencing date for Enlow is Sept. 2018.