Bloomberg reports that 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.

Mosley and the cash-management firmâ??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.