Welles graduated at Harvard University in 1976 as a lawyer. In 1978 he married Susan Aston, daughter of a rich car industrialist (just like his father did with his mother, Janet McHenry, also the daughter of a rich industrialist). Using his father's and Aston's fortune he began to invest into the mass media industry. A few years later he was the owner of three news channels and a huge media empire. At the age of 30 he was among the wealthiest men in the United States. He began practicing politics in the early 1980s. In 1987 he divorced from Aston and married actress Brooke Shields.
In 1989 Welles became a U.S. Senator. He was a very aspiring politician with great fortune and big ambitions. But his political career broke three years later when he was caught by the FBI for smuggling and tax evasion. It was discovered that Welles had a role in a large number of drug and people transport networks, connecting Eastern Europe and the United States. He was to be sentenced to ten years in prison, however his political connections and lawyers managed him to get only five.
After his release from prison, Welles left the United States and settled down in Argentina. Since then he operated his media empire from there. In recent years Welles was known for his anti-American views and propaganda. Some sources even said that he collaborated with Soviet and USRCV forces, but this cannot be proven.