ST. LOUIS – A suburban St. Louis investment adviser has pleaded guilty to federal wire fraud charges for misrepresenting how he invested three clients’ money, costing them hundreds of thousands of dollars.
The St. Louis Post-Dispatch reports that 61-year-old William Glaser of Ellisvile entered the plea Tuesday. Sentencing is June 7. In addition to facing up to 10 years in prison, Glaser must repay the victims.
Prosecutors say Glaser solicited more than $1 million in investments that went to a man whose construction company was liquidated by creditors. Glaser falsely told his clients he had put his own money into the construction company and failed to disclose that he was receiving large commissions out of his clients’ funds.
One client told the Post-Dispatch in 2017 that he lost more than $400,000.