- Associated Press - Wednesday, June 3, 2015

SAN DIEGO (AP) - A stockbroker who stole more than $6 million from Southern California investors has pleaded guilty to federal wire fraud.

Sunil Sharma entered the plea Tuesday. The 68-year-old Carlsbad man could face up to 20 years in prison.

Authorities say that from 2007 to 2014, Sharma convinced 32 people to invest in his financial companies, including some who cashed out their retirement accounts.

Authorities say he promised the money was going into safe investments but used instead used it for risky day trading and covered up big losses by issuing phony statements and paying some old clients with money from newer investors.

He also spent $2.5 million on a luxury home, fancy cars and a Mediterranean cruise.

He finally ran out of funds in January.

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