An Albemarle County businessman originally charged with seven counts of fraud and money laundering was back in court Friday.
Michael Wayne Harding, 59, pleaded guilty in federal court to one count of bankruptcy fraud and one count of wire fraud.
Both of those charges come with a $250,000 and together could result in a maximum of 25 years in prison.
However, with this plea deal, he is likely to serve about four years.
"This was a case in which Mr. Harding repeatedly stole other people's money: clients' money, banks' money, mortgage companies' money, and he used it for his own benefit to live a lifestyle again that he could not legitimately sustain," said Tim Heaphy, Western District U.S. Attorney.
Harding was granted $200,000 bond until his sentencing hearing, scheduled for June 24. He will be required to wear an electronic monitoring device.
