Robert J. Bradbury, former chairman and chief executive officer of the now-defunct underwriting firm Dolphin & Bradbury Inc., pleaded guilty to one criminal count of securities fraud yesterday after selling four Pennsylvania school districts unsuitably risky notes to finance a failed golf course and causing them to lose more than $10 million.

The guilty plea was part of an agreement reached with U.S. attorneys in Philadelphia that was put before a federal judge in the U.S. District Court for the Eastern District of Pennsylvania. Bradbury is scheduled to be sentenced July 13 and faces a maximum of five years in prison followed by three years of supervised release and a $250,000 fine.

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