A Connecticut man has pled guilty to charges he operated a “ponzi-like” scheme to defraud investors in hedge fund Sentinel Growth Fund Management. Steven Simmons made the plea for one count of conspiracy to commit securities fraud and wire fraud before Magistrate Judge Barbara Moses in Manhattan’s Southern District court, according to a statement from the U.S. Department of Justice. Between 2013 and January 2017, prosecutors said, Simmons allegedly solicited more than $6 million in investments for Sentinel Growth. However, he failed to invest the capital as promised to the investors, diverting funds for his own use and also, together with others, using the money to fund the repayment of earlier investors that requested redemptions. Simmons purportedly also created and provided investors with false monthly statements, the DOJ statement added. The charge carries maximum penalties of five years in prison and fine of $250,000 or twice the gain or loss from the offense. As part of his plea, Simmons agreed to forfeit $6.9 million, the statement said.