Fifty-nine-year-old Stephen Michael Alexander, of Villanova, pleaded guilty to fraud and money laundering charges Tuesday in Philadelphia federal court.
Prosecutors say Alexander ran a bogus hedge fund called Hartford Investment Inc. and solicited money from 15 friends and family members that he deposited into his own accounts.
Authorities say Alexander generated fake monthly reports showing profits when he was in fact losing money on personal investments or using the cash to pay personal expenses. He still owes victims about $7.5 million.
Sentencing is set for June 16.
