Encyclopedia Dubuque
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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
WELSH, Joseph J.: Difference between revisions
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In 1990 Welsh had to surrender chairmanship of the Appropriations Committee after his election as the first legislator to serve as president of the Senate, a job previously handled by the lieutenant governor. (2) | In 1990 Welsh had to surrender chairmanship of the Appropriations Committee after his election as the first legislator to serve as president of the Senate, a job previously handled by the lieutenant governor. (2) | ||
At the same time, Welsh became associated with Steven Wymer, an investment manager for cities, counties, pension funds and banks in 13 states. Many clients said they felt secure because Mr. Wymer dealt primarily in government securities and they liked his associates. In Southern California, Wymer hired Harold Brewer, former treasurer of the city of Riverside, as his chief salesman, giving him instant credibility. In Iowa, Wymer retained Joseph Welsh, president of the State Senate. On December 17, 1991 Wymer was arrested and charged with securities fraud and mail fraud in the handling of his clients' accounts. In Iowa, this became known as the [[IOWA TRUST]] | At the same time, Welsh became associated with Steven Wymer, an investment manager for cities, counties, pension funds and banks in 13 states. Many clients said they felt secure because Mr. Wymer dealt primarily in government securities and they liked his associates. In Southern California, Wymer hired Harold Brewer, former treasurer of the city of Riverside, as his chief salesman, giving him instant credibility. In Iowa, Wymer retained Joseph Welsh, president of the State Senate. On December 17, 1991 Wymer was arrested and charged with securities fraud and mail fraud in the handling of his clients' accounts. In Iowa, this became known as the [[IOWA TRUST FUND]] scandal. (3) | ||
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Revision as of 00:40, 2 May 2016
WELSH, Joseph J. (Dubuque, IA, Aug. 10, 1955- ). Welsh, a former Dubuque County deputy sheriff, served two terms in the Iowa House before being elected to the Senate representing the 17th Senatorial District. He served as chairman of the powerful Senate Appropriations Committee. (1)
In 1990 Welsh had to surrender chairmanship of the Appropriations Committee after his election as the first legislator to serve as president of the Senate, a job previously handled by the lieutenant governor. (2)
At the same time, Welsh became associated with Steven Wymer, an investment manager for cities, counties, pension funds and banks in 13 states. Many clients said they felt secure because Mr. Wymer dealt primarily in government securities and they liked his associates. In Southern California, Wymer hired Harold Brewer, former treasurer of the city of Riverside, as his chief salesman, giving him instant credibility. In Iowa, Wymer retained Joseph Welsh, president of the State Senate. On December 17, 1991 Wymer was arrested and charged with securities fraud and mail fraud in the handling of his clients' accounts. In Iowa, this became known as the IOWA TRUST FUND scandal. (3)
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3. Perez-Pena, Richard. "Investment Manager Faces Charges of Securities Fraud," New York Times, December 18, 1991. Online: http://www.nytimes.com/1991/12/18/business/investment-manager-faces-charges-of-securities-fraud.html