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.

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