Kent Ahrens, a fired trader at First Capital Strategists investment advisers, pleaded guilty Wednesday to wire fraud and agreed to pay a $182,000 penalty to settle charges he traded without approval from an institutional client.

The client, Common Fund, a manager of endowments for 1,400 colleges and universities, lost $137.6 million as a result of Mr. Ahrens' unauthorized trades, the Securities and Exchange Commission said.

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