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Broker pleads guilty in bogus mutual-fund investments

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A Tucson man accused of fraudulently collecting $350,000 and using it to gamble pleaded guilty Thursday to securities fraud and filing a false income-tax return.

David R. Holst, 43, will be sentenced in federal court on Feb. 12, the U.S. Attorney's Office said.

In May 2007, Holst, a mortgage broker, set up a financial- advisory business and solicited clients to invest in mutual funds.

According to the U.S. attorney, Holst gambled the money intended for investment at a casino, defrauding his clients of about $350,000.

He created phony account statements to make it look like the money was sent to the mutual funds, prosecutors say, and he failed to report the income on his 2006 and 2007 income-tax returns.

Holst is facing up to 25 years in prison and up to a $1 million fine for the securities fraud conviction, and up to three years in prison and up to a $250,000 fine for filing a false income-tax return.