A former Laguna Hills investment banker pleaded guilty Wednesday to defrauding an elderly couple of $250,000, the U.S. attorney general's office announced.
Henry Clay Maxwell, 28, entered the plea in federal court in Los Angeles, Assistant U.S. Atty. David Z. Seide said.
According to Seide, Maxwell acknowledged obtaining the money in bearer bonds from the couple, who had been told that it would be invested in an account in their name. Instead, Seide said, Maxwell misappropriated the money for his own use by transferring it to various bank accounts in the Bahamas, New York City and South Carolina.
After being indicted in May 1997, the former banker was a fugitive from justice until three months ago when he was arrested by Newport Beach police officers following a traffic stop.
Maxwell is scheduled to be sentenced by U.S. District Judge Robert M. Takasugi on Oct. 26. He faces a maximum of 40 years in prison and a $2-million fine.