MANHATTAN (CN) - In the middle of his federal trial Wednesday, the former CEO of Kaiser Himmel Corp. pleaded guilty to all five counts of securities fraud, wire fraud and bank fraud. Eric Skys, 26, tried to get an $80 million loan from Citibank by pledging millions of shares of SprintNextel as collateral, but he did not own the stock and forged documents that claimed he did.
U.S. District Judge William Pauley III accepted Sky's guilty plea and denied his request to be released on bond.
Skys tried to con Citibank out of the money in August 2007, he admitted in his plea allocution.
He faces up to 110 years in prison if he is given maximum sentences, to run consecutively. Judge Pauley will sentence him on Nov. 6.
Skys formerly lived in Somerset, Pa. Kaiser Himmel was based in Rockwood, Pa. It claimed to be in the business of buying technology companies in rural areas.
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