A Minnesota auto mogul accused of defrauding lenders and others of millions of dollars has pleaded guilty to two federal charges.
Denny Hecker faces up to 10 years in prison under his plea agreement entered Tuesday before U.S. District Judge Joan Ericksen in Minneapolis, and prosecutors say they’ll seek the maximum. The judge has not set a sentencing date.
Hecker had pleaded not guilty earlier this year to 26 counts of bankruptcy, conspiracy and wire fraud. In the end, he pleaded guilty to one county of conspiracy to commit wire fraud and one count of bankruptcy fraud.
The 58-year-old Hecker once was one of Minnesota’s largest car dealers, but his empire started falling apart in 2008, and he filed for bankruptcy last year.
Hecker didn’t speak to reporters after the hearing, but his attorney says he’s relieved to have the plea done with.