The husband of housewife Phaedra Parks was first arrested back in January and charged by federal authorities with bank fraud and identity theft.
"By pleading guilty, Mr. Nida admits to his conduct in the past, and accepts full responsibility for it," his lawyer Thomas D. Bever tells PEOPLE.
The reality star faces up to 30 years in prison and a fine of up to $1 million in addition to restitution for defrauding individuals, financial institutions and government agencies, according to The Atlanta Journal-Constitution.
While Nida made it clear in the courtroom that his wife, an entertainment attorney, had no involvement in the scheme, this isn't Nida's first time in hot water. He served time in prison from 2004 – 2009 for auto title fraud.
Sentencing has been set for July 8.