PITTSBURGH—A Washington County resident pleaded guilty in federal court to charges of wire fraud and filing false tax returns, United States Attorney David J. Hickton announced today.

James Grimes, 35, of Lawrence, Pennsylvania pleaded guilty to seven counts before United States District Judge Nora Barry Fischer.

In connection with the guilty plea, the court was advised that Grimes misappropriated $313,000.00 in funds belonging to clients of his brokerage firm. He also allegedly failed to report the income realized on his tax return for the years 2007-2009.

Judge Fischer scheduled sentencing for Jan. 29, 2015 at 9 a.m. The law provides for a total sentence of 89 years in prison, a fine of $1,750,000.00, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

Pending sentencing, the court continued James Grimes’ bond.

Assistant United States Attorney James Y. Garrett is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation conducted the investigation that led to the prosecution of James Grimes.