According to Bloomberg, defense attorney Larry Ferdella stated Richard Garaventa Jr has submitted a letter accepting responsibility for the theft.
He is said to have written 50 checks to a company he set up between 2001 and 2008 in order to accrue the money, which he then spent on jewelry, cars and traveling.
The prosecution has recommended a prison sentence of between two and six years and Acting State Supreme Court Justice Gregory Carro said that Mr Garaventa's $500,000 property may be repossessed, stating: "The defendant was living a lifestyle he couldn't afford. He should no longer live that lifestyle and that includes that house."
Mr Garaventa is expected to return to court on July 21st and could also be ordered to pay restitution of $250,000.
In related news, a New Zealander said to be involved in an international money laundering operation has gone into hiding in Dubai, the New Zealand Herald said.