Roderick Askew, who was charged with stealing money from the pension fund of workers at Standard Coosa Thatcher Yarns Inc., entered a guilty plea today in federal court.
U.S. Magistrate Judge Susan K. Lee accepted Askew's plea agreement, which means other charges will be dropped.
Askew pleaded guilty to one count of conspiracy to commit money laundering.
He will be sentenced on June 20.
Askew and two other men had faced charges in the conspiracy that endangered the retirement money for 1,300 SCT workers.
Dan Gieger was found guilty of four counts of wire fraud, three counts of graft, one count of money laundering conspiracy and six counts of conducting unlawful monetary transactions.
SCT Yarn President Kenneth Combs pleaded guilty in 2004 but committed suicide the day before his sentencing.