Sentinel Management Group Inc.’s head trader Charles K. Mosley pleaded guilty to fraud charges in which more than 70 customers had losses greater than $500 million.
Mosley, 49, pleaded guilty to two counts of investment adviser fraud today before U.S. District Judge Ronald A. Guzman in federal court in Chicago.
Mosley, the chief trader at the Northbrook, Illinois-based cash management firm, was indicted last year with the firm’s Chief Executive Officer, Eric A. Bloom. Bloom is set to go to trial on Feb. 24.
The two men were accused of concealing from investors the firm’s financial condition and of sending them misleading account statements.
As a result of the scheme, more than 70 Sentinel customers had losses of more than $500 million, according to the superceding charging document to which Mosley pleaded guilty. A sentencing date hasn’t been set.
The case is U.S. v. Bloom, 12-cr-409, U.S. District Court, Northern District of Illinois, Eastern Division (Chicago).
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