A Connecticut man has pleaded guilty to securities fraud charges in New York City, admitting his role in trades that reaped more than $1 million in illegal profits.

John Bennett entered the plea Monday in federal court in Manhattan. The film producer and former investment professional pleaded guilty to conspiracy and securities fraud charges. The 48-year-old Norwalk, Conn., man faces up to 45 years in prison when he is sentenced on April 23.

Authorities say Bennett conspired with a longtime friend in a scheme aimed at making more than $2.6 million in illegal profits by trading on pharmaceutical stocks. His friend had worked at a global human resources consulting firm.