Former Merrill Lynch Representative from Pequannock Admits $472K Theft
Morris County Prosecutor Fredric M. Knapp announces that on July 9, 2018, defendant Keith Enlow of Pequannock, New Jersey entered a guilty plea before the Honorable Thomas J. Critchley, J.S.C. to one count of second-degree theft by deception. Officials say the case came to the Morris County Prosecutor’s Office as an allegation of the theft of $472,000.00 from the victim. The defendant, 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.
According to authorities, 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. Supervising Assistant Prosecutor Michael Rappa represented the State at the plea hearings.
Officials say Enlow faces four years in New Jersey State Prison and has agreed to restitution of the entire amount.
The sentencing date Mr. Enlow is on September 21st before the Honorable Thomas J. Critchley, J.S.C.