Francis William Reimers pled guilty to charges by the Federal Bureau of Investigation and the Internal Revenue Service that he defrauded hundreds of mutual fund investors, accepting six counts of mail fraud and one count of money laundering, U.S. Fed News reports.

The government said that Reimers’ company, Advisory Services Group, promised investors returns of at least 9% by using a “regression analysis” program that could detect whether mutual fund values would rise or fall.

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