Newton Accountant Who Stole $1.6M From Elderly Clients, Sentenced

NEWTON, MA – A Newton man was sentenced Wednesday in federal court in Boston for embezzling $1.6 million from elderly clients and for failing to pay taxes on the embezzled funds, according to the MA U.S. District Attorney's office.

Jeffrey Kellem, 49, was sentenced by U.S. District Court Judge William G. Young to three and a half years in prison, three years of supervised release, and ordered to pay restitution in the amount of $1,289,002 and a fine of $250,000.

In September 2019, Kellem pleaded guilty to four counts of wire fraud and one count of filing a false tax return. Kellem used his position as an accountant for an elderly client, and the estate of a deceased client, to steal more than approximately $1.6 million.

Kellem transferred his clients’ funds, without their authorization, to bank accounts he opened and controlled. He also failed to report more than $500,000 in income from the funds he took on his tax returns. As a result, in 2017, Kellem avoided paying taxes totaling more than $150,000.

According to his social media Kellem ran his own business, Concierge Accounting. He was the head basketball coach at Gann Academy in Waltham for several years.

Newton Man Pleads Guilty To Wire Fraud, Filing False Tax ...

Patch reporter Jenna Fisher can be reached at Jenna.Fisher@patch.com or by calling 617-942-0474. Follow her on Twitter and Instagram (@ReporterJenna).