Anne Hathaway's Ex Pleads Guilty to Fraud
09/10/2008 AT 12:00 PM EDT
Dressed in a navy prison outfit, the Italian businessman looked calm as he told the judge, "I know what I did was wrong."
He then pleaded guilty to one count of conspiracy to commit wire fraud, eight counts of wire fraud and five counts of money laundering.
Judge John Koeltl initially planned to sentence him in December, but the hearing was moved up to Oct. 3 after Follieri's lawyer, Flora Edwards, said her client, unable to meet his $21 million bail, has been having a "difficult time" in the prison where he has been held since his arrest in June.
"It's very hard on him," Edwards told the judge. He added to reporters: "There's no outside time for him to really have any outside air. It's a very, very hard place to be."
He could be sentenced to up to 265 years in prison. Follieri, 30, agreed not to appeal a sentence less than 63 months in prison.
Follieri's plea agreement includes a stipulation that he forfeit $2.44 million dollars, representing money he obtained through illegal activity. He also agreed to forfeit 12 watches and nine pieces of jewelry, according to the U.S. Attorney's office .
Where the trouble began: Follieri bounces a $215,000 check!
Anne is blinded by love on the cover of PEOPLE
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