Final Order — Investment Adviser/Associated Person

Index: OFR 2026 - 357 STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION In Re: JEFFREY MICHAEL WELSH, Case Number: 138519-SR Respondent. FINAL ORDER The State of Florida, Office of Financial Regulation ("Office"), and Jeffrey Michael Welsh ("Welsh"), having entered into the attached Stipulation and Consent Agreement ("Agreement"), resolving and concluding this matter, it is therefore ORDERED:

1. The Agreement entered into by the Office and Welsh is adopted and incorporated by reference herein as if set forth at length.
2. The parties shall comply with all provisions of the incorporated Agreement. DONE and ORDERED this 15-tL day of July, 2026, in Tallahassee, Leon County, Florida.

CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Final Order has been furnished via electronic mail to Jeffrey Michael Welsh at jeff@ba~dfinancial.com on this Mf L-i day of July, 2026. ov Tel: (850) 410-9889 2

ST ATE OF FLORIDA OFFICE OF FINANCIAL REGULATION In Re: ,JEFFREY MICHAEL WELSH, Case Number: 138519-SR Respondent. STIPULATION AND CONSENT AGREEMENT The State of Florida, Office of Financial Regulation ("Office"), and Respondent Jeffrey Michael Welsh ("Welsh"), in consideration of the mutual promises herein, recite, stipulate, and agree, on the last date executed below, as foJlows:

1. Background: On February 2, 2026, the Office received an application, via Form U4, Uniform Application for Securities Industry Registration, through the Central Registration Depository ("CRD"), for Welsh's registration with the Office as an associated person of Osaic Wealth, Inc. ("OWi"), a federal covered adviser. Welsh's CRD number is 2281625. Upon receipt of Welsh's application for registration, the Office sent a deficiency letter to Welsh an<l requested documentation regarding, among other things, possible unregistered investment advisory business activity. On March 30, 2026, the Office received Welch's written statement that indicated Welch had been rendering investment adv.ice in Florida between July 2024 and May 2025, and between and October 2025 and February 2026, without being registered -with the Office as an associated person of OWJ.
2. .Jurisdiction: The Office is the state agency charged with the administration and enforcement of chapter 517, Florida Statutes, and the rules promulgated thereunder. The Office has jurisdiction to initiate an Administrative Complaint agaim,1 Welsh pursuant to chapter 517,

In Re: Jcifrey Michael Welsh Pagc2Qf6 Florida Statutes, as stipulated by Welsh. 3. Findings: Welsh neither admits nor denies the aJlegations but consents to the entry of findings by the Office. The Office finds that Welsh violated section 517.12(4), Florida Statutes (2024), 1 by rendering investment advice, from a location within Florida, without being registered with the Office as an associated person of OWL 4. Consideration: The parties agree that the issues raised in this proceeding can be expeditiously resolved prior to the filing of an Administrative Complaint by their execution of this Stipulation and Consent Agreement. The parties acknowledge that they have read this Stipulation and Consent Agreement and fully under!>tand the rights, obligations, terms, duties, and responsibilities with respect to its contents. Therefore, in compromise and settlement of this matter and in consideration of the Office's forbearance from further litigation, the parties agree as follows; a. Welsh agrees to Cease and Desist from violations of chapter 517, Florida Statutes, and the Administrative Rules adopted thereto. b. Welsh agrees to the imposition of an administrative tine against Welsh in the amount of $9,375. The administrative fine shall be submitted in the form of a certified check or money order made payable to the "Office o(Financial Regulation" and sent to Agency Clerk, c/o Layali Salem, Esq., Office of Financial Regulation, P.O. Box 8050, Tallahassee, FL 32314~8050, or paid by wire transfer. Welsh agrees that the administrative fine shall be collected and deposited in accordance with section 215.31, Florida Statutes. W clsh agrees, regarding the deposit of monies, that (1) the tendered fine or settlement check proceeds may be deposited in advance of full execution or acceptance 1 Section 517.12(4), .Florida Statutes, was renumbered as section 517. 12(3) by S. 6, chapter 2023-204, Laws of Florida. eftective October 1, 2023.

In Re: Jeffrey Michael Welsh Page 3 of6 ofth.e proposed settlement agreement and (2) such deposit shall not be construed as a final acceptance of the Stipulation and Consent Agreement absent full execution thereof and entry of the Final Order adopting same. c. The Office agrees to approve Welsh's pending application for registration as an associated person of OWL Approval shall be granted upon receipt of the required administrative fine payment and entry of the Pinal Order adopting this Stipulation and Consent Agreement. In the event the Office discovers any additional adverse information concerning the pending application prior to entry of the Final Order, the Office reserves all legal rights and authority to take any action on the pending application as may be appropriate. Such action may include, but is not limited to~ issuing an Administrative Complaint based on the violations cited above. 5. Final Order: Welsh consents to the issuance by the Office of a Final Order, which incorporates the tenns of this Stipulation and Consent Agreement. Welsh understands and agrees that this Stipulation and Consent Agreement is subject to the final approval of the Commissioner of the Office of Financial Regulation and the entry of the Final Order adopting this Stipulation and Consent Agreement. In the event the Final Order is not entered, this Stipulation and Consent Agreement shall be null and void. The Final Order incorporating this Stipulation and Consent Agreement constitutes final agency action by the Office for which the Office may seek enforcement pursuant to the provisions of chapters 120 and 517, Florida Statutes. 6. Consent and Waiver: By Welsh's consent to the entry of the Final Order with respect to this proceeding, Welsh knowingly and voluntarily waives: a. any right to receive further notice ofthis administrative action and notice of rights pursuant to chapter 120> Florida Statutes;

In Re: Jeffrey Michael Welsh Puge4of6 b. any right to an administrative hearing provided by chapter 120, Florida Statutes; c. any requirement that the Office's Final Order contain separately stated findings of Fact and Conclusions of Law or a Notice of Rights; d. any right to issuance of a recommended order by an Administrative Law Judge from the Division of Administrative Hearings or a Hearing Officer from the Office; and e. any right to object to or chalJenge in any judicial proceeding including, but not limited to, an appeal pursuant to section 120.68, Florida Statutes, any teITTJ, condition, obligation, or duty expressly created by the Final Order. 7. Releases: Upon full execution of this Stipulation and Consent Agreement, Welsh waives and releases the Office and its agents, representatives, and employees from any and all causes of action that Welsh may have arising from or relating to the subject matter hereof. The Office agrees to accept this release on behalf ofitselfand its agents, representatives, and employees without acknowledging and expressly denying that any such cause or causes of action may exist. 8. Future Actions: This Stipulation and Consent Agreement is being executed solely for the purpose of resolving and settling the instant proceeding. Nothing herein shall be construed to waive or restrict the Office's right in a future proceeding to undertake any administrative action under the provisions of chapter 517, Florida Statutes, or any civil or criminal prosecution, arising out of any facts or circumstances undisclosed or undiscovered at the time of the entry of the Final Order; or facts unrelated to this settlement should further information warrant such action. 9. Failure to Comply: Welsh acknowledges, concurs, and stipulates that Welsh's failure to comply with any of the terms, obligations and conditions of this Stipulation and Consent

In Re: Jeffrey Michael Welsh Page 5 of6 Agreement, and the Final Order adopting it, vioJates this written agreement and the Final Order entered pursuantto chapters 120 and 517, Florida Statutes. Such non-compliance may result in the issuance of an emergency Cease and Desist Order. 10. Attorneys' Fees: Each party herein shaH be solely responsible for its attorneys' fees and costs incurred up to and including entry of the Final Order in this matter. 11. Sevcrability: Welsh agrees that if any provision of this Stipulation and Consent Agreement or the application thereof to any person or circumstance is held to be invalid, the invalidity shall. not affect the remaining provisions of the StipuJation and Consent Agreement or the Final Order adopting it, which shall be given effect without the invalid provision(s), and to this end, the provisions of this Stipulation and Consent Agreement are severable . 12. . Entire Agreement: This Stipulation and Consent Agreement represents the entire agreement by and between the Office and Welsh. Any alterations, variations, changes, modifications, or waivers of the provisions hereof shall be valid only when they have been reduced 10 writing, duly signed by the Office and Welsh, and attached to the original of this Stipulation and Consent Agreement. WHEREFORE, the undersigned parties hereby acknowledge and agree to the terms and conditions of the foregoing Stipulation and Consent Agreement, subject to final approval by the Commissioner of the Office of Financial Regulation, by written consent on the last date executed below:

ln Re: Jeffrey Michael Welsh Page6 of6 JEFFREY MJCHAEL WELSH ~ 7YIJ.__ effre_Michael Welsh STATE OF CONNECTICUT) COUNTY OF NEW HA VEN) 7 , , P.((J Date I BEFORE ME, the undersigned authority, appeared Jeffrey Michael Welsh, by means of ~ physical presence or □ on line notarization, who, upon being duly sworn, states that he has read and understands the foregoing agreement and voluntarily signed the same. SWORN TO AND SUBSCRIBED before me this t c-1, day of ::Jv 2026. 1{j- 1»~, :t.---' My Commission expires: llcJ ):s I }z.o z:; o/· N?fili~ Personally known or produced identification. Type o 1denti 1cation produced: ________ _ OFFICE OF FINANCIAL REGULATION

Date 
Director 
Division of Securities 
KENNETH SPITZBARO 
Notary Publlc. State ()f Connecllcut 
My Commission Exptms Aug. 31, 2029