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MISSOULA- One of the two men who is accused of running one of the largest Ponzi schemes in Montana history admitted to the crime in federal court Wednesday morning. Robert Congdon pleaded guilty to mail fraud, wire fraud as well as 14 counts of money laundering.

Prosecutors say Congdon and Keith Kovick ran Cornerstone Financial in Polson from 2005 to 2009. The two are accused of claiming to have a private company offering hard money loans to borrowers who needed money for commercial and industrial lands, but couldn't get the money from a bank.

The men also set up investors with investment opportunities, generating a 10% commission on each deal. Prosecutors say the scheme fell apart in the fall of 2008 when their business started having financial problems and that's when law enforcement began an investigation.

Congdon now faces a maximum of 180 years in federal prison and he may have to pay more than $1.7 million. His sentencing is scheduled for June. Kovick is scheduled to go to trial in April and prosecutors say a FBI financial analyst is expected to testify in that trial.