The E.F. Hutton financial firm pleaded guilty Monday to federal charges involving a $1.5 million money-laundering scheme and was fined more than $1 million.

Hutton entered the plea in a 15-minute hearing before U.S. District Court Judge Ronald Lagueux. The plea agreement was reached over months of negotiations with the U.S. attorney's office.The firm was charged May 6 with concealing the identities of people conducting more than $500,000 in transactions from 1982-84 at the Providence office.

E.F. Hutton and two former brokers, named as unindicted co-conspirators, are accused in part of failing to file currency transaction reports required by federal law.