NEW YORK (AP) – A former New York City stock trader has pleaded guilty to stealing $16 million he had promised to invest for friends and clients.

David Holzer pleaded guilty Thursday in state Supreme Court in Manhattan. He faces five to 15 years in prison when sentenced Sept. 22.

Holzer was arrested in May 2008 on accusations of stealing millions between March 2002 and September 2006. Prosecutors said he spent the money on overseas trips, Rolex watches and luxury cars.

Assistant District Attorney Christine Payne said Holzer used his personal relationships with the victims to get their money.

Holzer initially pleaded not guilty to the charges.

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