Thomas O'Neill, a former Piper Jaffray stock broker, is facing fines of up to $1.5 million and 10 years in prison after pleading guilty Wednesday to wire fraud and securities fraud in a Missoula, Mont. federal court, The Missoulian reported.

Prosecutors, who accused O'Neill, 55, of fleecing his elderly clients, waived 18 additional charges in exchange for his cooperation. O'Neill's scheduled sentencing date is April 19.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.