A former Urbana, Ill., investment advisor has pleaded guilty to swindling 11 investors out of about $16 million over a seven-year period.

Timothy J. Roth, 56, now of Stonington, Ill., pleaded guilty in U.S. District Court on Tuesday to one count each of mail fraud and money laundering. He admitted he built up enough trust with his clients that they authorized him to make transfers with verbal authorizations, avoiding the need for written confirmation, according to the FBI. 

Roth then fraudulently transferred, liquidated and removed mutual fund shares from clients' accounts for his own personal and business use, including buying stock in his own name and using the funds to set up additional companies. He had worked as a registered investment advisor for a capital management company in Champaign, Ill.

He operated companies including Keystone Consulting Group LLC and Keyop Exercises. He dealt with individuals and institutions, including some educational institutions.

Sentencing has been set for July 2012.