It's been nearly three years since the scandal broke. Now, perhaps the biggest name connected to the Kodak Kickback scheme, the former assessor for the town of
When that outside assessor was paid Schwab and the executive received some of that money. Charles Schwab was the third man to be arrested when this broke in 2005. Since then, 3 men have already pleaded guilty.
Charles Schwab walked out of Federal Court hand in hand with his wife Karen.
In a plea deal, Schwab faces up to 24 and half years in prison when he's sentenced in June.
Schwab and his wife will also have to forfeit their house in
In addition, Schwab will have to pay 7 million dollars in restitution. Federal Prosecutor Richard Resnick says Schwab did not get off easy with this plea deal. "He got really no benefit other than the fact he admits he's guilty and the judge will take that into consideration at his sentencing."
United States Attorney Terry Flynn says the crimes that undermine the public's faith in the system are detrimental. "It can erode it in the sense people may not vote. People may not participate in political campaigns. People may not want to be part of their town government if they think they have no voice."
Federal Prosecutors are getting ready for trial for the three remaining defendants in the conspiracy. Former Appraiser John Nicolo, his wife Constance Roeder and former Kodak Exec David Finnman are expected to be in court March 10th.