A former Maineville, Ohio, insurance agent pleaded guilty charges related to defrauding at least 10 victims out of nearly $5 million by getting them to invest their inheritance proceeds.

William R. Appleton II, pleaded guilty to single counts of mail fraud and tax evasion following a joint investigation by the Ohio Department of Insurance, the FBI and IRS.

From 2003 to 2007, Appleton posed as an investment advisor and convinced insurance clients to invest inheritance proceeds and money from their insurance products in the financial markets, according to the insurance department.

Instead of investing his client’s money as promised, Appleton transferred funds into his personal bank accounts, using the money for personal living expenses, the operation of his companies and payment to earlier investors seeking to withdraw funds from their accounts.

Appleton surrendered his insurance license in May 2008 and faces maximum prison time of 25 years for the charges against him. Fines could equal up to $250,000 for the mail fraud charge, or twice the gross gain or gross loss resulting from the offense, whichever is greatest, and another fine of $250,000 for the tax evasion charge.