Canadian resident David Rennick admitted in a U.S. federal court Tuesday that he operated a company that helped process illicit payments to U.S. residents by online gambling companies.

Rennick pleaded guilty to a single count of transmission of wagering information and said he "had a business that transferred money from offshore gaming sites to American players."

From the Wall Street Journal:

As part of a plea agreement with prosecutors, Rennick faces a stipulated sentencing guidelines range of six to 12 months in prison under stipulated sentencing guidelines range. He is set to be sentenced in September.

Rennick also agreed to forfeit more than $17 million as part of his plea. Prosecutors from the U.S. Attorney's office in Manhattan are seeking forfeiture of $565.9 million in the matter.