updated 11/12/2010 3:20:14 PM ET 2010-11-12T20:20:14

Prosecutors say a former Connecticut securities broker faces up to 20 years in prison for stealing more than $1.35 million from his clients.

Gregory Buchholz of Bridgewater pleaded guilty Friday in U.S. District Court to wire fraud. He will be sentenced Jan. 31.

Prosecutors say the 45-year-old Buchholz liquidated clients' annuities and mutual funds and kept the proceeds while working at Raymond James Financial Services.

They say he forged clients' names, claimed he was reinvesting the money for them or told other lies to placate them.

Attorney Thomas Seigel said Buchholz deeply regrets his actions. Seigel and prosecutors emphasized that Raymond James was not implicated, immediately fired Buchholz and is reimbursing investors.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.95%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com