East St. Louis, IL (KTRS) A metro-east financial advisor pleads guilty to defrauding his clients of $1.5 Million Dollars.

The U.S. Attorney’s office says that 45-year-old Douglas Kiffmeyer entered the guilty plea Monday – to a 17-count federal indictment for wire fraud, failure to file income tax returns, and money laundering.

Kiffmeyer – who represented himself as a retirement planner, financial planner, financial consultant, and tax advisor – operated businesses under the names Modern Retirement Professionals and Kiffmeyer Tax Advisory Group. He is accused of soliciting funds from clients then using that money for his personal expenses.

Sentencing is set for November 10th.