NEWARK, N.J. (AP) — A former broker and investment adviser has admitted stealing at least $2 million from his clients.

Federal prosecutors say Gary Basralian stole the money over a 10-year period and spent it on personal expenses, including payments on a BMW and tens of thousands of dollars in credit card bills.

The 70-year-old Springfield man pleaded guilty Wednesday to wire fraud and investment adviser fraud. He now faces up to 25 years in prison when he's sentenced Dec. 3.

Basralian worked for many years at a Jersey City-based securities firm. Prosecutors say he defrauded his clients by falsely telling them he would invest their money in securities and other investments and then misappropriated the money.