PHOENIX — A former financial adviser in Arizona has pleaded guilty to transactional money laundering after being accused of defrauding clients of more than $1.1 million.
Federal prosecutors say Bart James Ellis entered his plea Tuesday in U.S. District Court in Phoenix.
Ellis faces up to a 10-year prison term when he’s sentenced Oct. 2 and must make full restitution to all victims.
In exchange for the guilty plea, 17 other counts against Ellis were dismissed including several counts of wire fraud and aggravated identity theft.
Ellis was indicted in the case five months ago stemming from an Internal Revenue Service criminal investigation.
Prosecutors say he solicited investor funds from former clients which were then fraudulently used and spent by Ellis.
The IRS says Ellis’ most recent known residence is in Scottsdale.