Financial adviser admits to embezzling $4.3M from clients

A former financial adviser from Plymouth, Mass., has pleaded guilty in federal court to embezzling $4.3 million from his clients and using the money for personal expenses, including to make mortgage payments and pay his daughter's college tuition.

A former financial adviser from Plymouth, Mass., has pleaded guilty in federal court to embezzling $4.3 million from his clients and using the money for personal expenses, including to make mortgage payments and pay his daughter’s college tuition.

Stephen Clifford pleaded guilty on Tuesday to mail fraud, wire fraud and making false tax returns.

Prosecutors say the 58-year-old Clifford encouraged about 20 clients to give his company, Clifford Financial Associates, money to invest between March 2003 and June 2008.

Authorities say he also used the money to make alimony, credit card and home equity payments. Prosecutors say he also funded a personal trading account that he used to speculate in oil futures.

Clifford is scheduled to be sentenced on Sept. 14.