Twenty three-year-old David Bloom, who used client...

Twenty three-year-old David Bloom, who used client funds for luxuries ranging from an art collection to a beach house and a pair of swank cars, has waived indictment and his lawyer said he will probably plead guilty to fraud. Bloom, accused of diverting more than $10 million from clients to support a lavish life, briefly appeared before U.S. Magistrate Barbara Lee and relinquished his right to have the case heard by a grand jury. She assigned the case to U.S. District Judge David Edelstein, who was scheduled to hear it March 31. If found guilty, Bloom faces a maximum sentence of five years in prison on each count.