According to NJ.com, Far Hills' Steven Bradley Mell, who had been President and CEO of WH Mell Associates, an investment firm specializing in municipal bond markets, pleaded guilty on Tuesday to endangering well-being of a child.
Authorities reported that Mell had sex with a girl under the age of 16 in the townships of Readington and Bedminster.
Mell also reportedly took the New Jersey girl to Cape Cod on her own plane, putting her plane on autopilot to engage in sexual acts.
Mell, in a separate incident, could be sentenced to five years in federal prison and five years on bail for being charged with interstate travel for illicit sexual activity and for receiving pornography childish.
It is expected that on May 21 he will be sentenced by the federal government to federal court in Trenton.