A San Diego investment advisor used his clients’ money to pay for personal expenses, including Internet pornography, the Securities and Exchange Commission announced Tuesday.

Paul Lee Moore, 51, the sole owner of the now-defunct Coast Capital Markets LLC in San Diego, agreed to a settlement with the SEC barring him from the financial business. He also pled guilty to one criminal count of securities fraud in U.S. District Court for the Southern District of California and is awaiting sentencing.

According to the SEC complaint, between 2009 and 2013, Moore raised $2.6 million from 40 investors, lying to the investors about his education and his credentials. When confronted by clients, he used $625,000 of the funds to repay early investors, the SEC says.

But the vast majority of the money, $1.975 million, was used by Moore for personal expenses, the SEC says, including paying for pornographic Internet sites, other entertainment, travel and meals.