May 2 (Bloomberg) -- A former trader at New York brokerage Brean Murray & Co. pleaded guilty to charges of stealing $16 million from friends and clients to support a lavish lifestyle,

David Holzer, a former managing director of equity trading, pleaded guilty April 30 in New York State Supreme Court in Manhattan and will be sentenced on Sept. 22, according to electronic court records.

Holzer had pleaded not guilty in May 2008 to charges of grand larceny and scheming to defraud. He spent the money on a Porsche, an Aston Martin, Rolex watches and a trip to Africa, prosecutors said.

Donald Rubinstein, an attorney with Rubinstein & Corozzo LLP who represents Holzer, didn’t respond to a message left by Bloomberg News seeking comment. A residential listing for Holzer couldn’t be found in Manhattan or the surrounding area.

Brean Murray was a Manhattan-based securities and banking firm. Carrett Securities LLC acquired it in 2005 and renamed the combined company Brean Murray Carret & Co. Holzer left Brean Murray in 2003.

The cases are People v. Holzer, 08-2280, and Morgenthau v Holzer 08-400891, New York State Supreme Court (Manhattan).

For Related News and Information: For top legal stories: TLAW <GO> For top financial stories: TOP FIN <GO>

Last Updated: May 2, 2009 11:36 EDT