BINGHAMTON (AP) -- A Binghamton-area financial adviser admits he bilked 19 investors out of nearly $1 million.
Prosecutors say 64-year-old Thomas Kelly of Johnson City pleaded guilty in federal court to felony mail fraud on Wednesday. He'll be sentenced on June 28. Prosecutors say he could get up to 30 years in prison.
Kelly worked for several banks in the Binghamton area. Prosecutors say he recommended clients sell legitimate securities investments to invest in a fictitious entity Kelly called Seneca Group.
The scam went on for 15 years, ending in November 2010.
(Copyright ©2012 by The Associated Press. All Rights Reserved.)
