A fund manager accused of cheating investors of about $150 million has pleaded guilty, admitting he lied to hundreds of investors about the health of his business.

James Nicholson entered the plea Friday to securities fraud, investment adviser fraud and mail fraud before Judge Richard Sullivan in Manhattan federal court.

He admitted carrying out the fraud between 2004 and last February. Prosecutors say Nicholson cheated investors of between $100 million and $200 million. Nicholson maintains the loss was no more than $20 million.

Sullivan said Nicholson could face up to 45 years in prison when he is sentenced on April 30.

The 43-year-old Saddle River, N.J., resident was arrested last February. He has remained jailed.