A former account vice president for a Valencia brokerage firm pleaded guilty today to conspiring to commit securities fraud. Justin Paperny, a resident of Studio City, pleaded guilty that he helped operate the GLT Venture Fund at Capital Management Group in Valencia. Paperny told investigators that he worked with conspirator Keith Gilabert to operate the fund and later convinced investors to contribute money. The deception resulted in more than 40 investors losing at least $2.5 million, according to the U.S. Attorney’s Office. As part of the plea, Paperny agreed to cooperate with investigators in an ongoing criminal probe into Capital Management and the venture fund. Sentencing is scheduled for July 30. Paperny faces up to five years in prison.