Peter Schroeder, who operated a piano store in La Jolla for many years and later became the focus of several charges related to consignment purchases, has pleaded guilty to four counts of theft from an elder in connection with pianos placed on consignment at his firm by people who were not fully paid for the pianos’ sales. Schroeder, owner of the former Schroeder Piano Company, has agreed to pay $141,000 to victims in the case, according to court records. Some of the victims are La Jolla residents. Sentencing is set for Jan. 5 by San Diego Superior Court Judge Timothy Walsh, who “will consider all alternatives,” according to documents. Schroeder, 75, faces a maximum sentence of seven years in state prison but is more likely to face a much lesser sentence on probation, especially if restitution is paid to victims. He reportedly might be sentenced to home detention. Stipulations in Schroeder’s guilty pleas to four counts could result in him being ordered to pay restitution to other victims besides the four people he admitted defrauding. Meanwhile, of the 42 counts filed against him, 38 counts of elder theft, grand theft and misappropriation of funds will be dismissed. Deputy District Attorney Paul Greenwood said sales of 16 pianos were questioned between 19 victims, which included pianos owned by couples. In a signed court document, Schroeder admitted four times that “I did unlawfully commit a theft on (victim’s name), knowing she was elderly and the value was in excess of $950.” Schroeder is free on his own recognizance. He and his wife were Pacific Beach residents but have since moved to Santee. The Schroeder Piano Company was located at 5680 La Jolla Blvd. in Bird Rock before it closed in February. A restitution hearing took place Sept. 25 in which several people testified about the value of pianos that were placed with Schroeder. The hearing was unusual because it was held before Schroeder entered his guilty pleas on Oct. 26. Greenwood said it was held primarily to determine the value of the pianos and thus helped his office determine how much of a loss occurred. At the April 23 preliminary hearing, 18 witnesses testified how they placed pianos with Schroeder for sale on consignment but often did not hear back when the piano sold or for how much. The trial originally scheduled for Nov. 4 was canceled.