IOWA CITY (AP) — An Indiana businessman has pleaded guilty to ripping off an Iowa company whose board he led and duping investors in a Colorado firm in separate fraud schemes totaling $2.3 million, federal prosecutors announced Monday.

Lowell G. Hancher of Sheridan, Ind., pleaded guilty Friday to one count of wire fraud and one count of securities fraud during a hearing in federal court, the U.S. Attorney’s Office in Cedar Rapids announced.

Hancher, who is nicknamed “Bob,” has been released from custody pending sentencing, which hasn’t been scheduled. He faces a maximum prison term of 45 years.