Former Sentinel Management Group Inc. portfolio manager Charles K. Mosley pleaded guilty to two counts of investment-adviser fraud before a federal judge in Chicago and faces as long as 10 years in prison, Bloomberg News reported yesterday. Mosley and the cash-management firm’s chief executive officer, Eric A. Bloom, were indicted last year on charges they misled Sentinel clients about how their money was being handled. They allegedly defrauded at least 70 customers of more than $500 million. Sentinel filed for bankruptcy in 2007. While each man initially faced 20 criminal counts, Mosley agreed to plead guilty to just two and to cooperate with prosecutors. He entered his plea today before U.S. District Judge Ronald A. Guzman after Assistant U.S. Attorney Clifford Histed summarized the charges.
