YORK, Maine — Federal prosecutors say a Maine man has pleaded guilty to stealing more than $4 million from investors and failing to pay hundreds of thousands of dollars in federal taxes.

Court documents say 76-year-old William Bischoff of York defrauded more than two dozen clients through a scheme run out of a Portsmouth, New Hampshire, company called Genesis Investments Group.

Prosecutors say Bischoff pledged to invest clients’ money but instead used it to pay off personal expenses.

The Portland Press Herald reports many of Bischoff’s victims were family friends or relatives of clients. The paper reports he defrauded them of at least $4.2 million over an eight-year period.

Bischoff’s sentencing is scheduled to take place in June.