The so-called Vati-con, also known as Anne Hathaway’s ex was facing up to nine years in prison, before he pleaded guilty to charges in the multimillion-dollar scheme involving the Vatican and several American investors.

Raffaello Follieri, 30, appeared before court on Wednesday in a plea deal with federal prosecutors to reduce his sentence in order to avoid trial and possible convictions on the charges of wire fraud, money laundering and conspiracy. Instead, he will get a considerably shorter prison term when he is sentenced on Oct. 3. Follieri agreed not to appeal any sentence of up to five years and three months in prison.

"I knew what I was doing was wrong," he told U.S. District Judge John G. Koeltl. What is it exactly that he did to deserve a $21 million bail that kept him in prison ever since his initial arrest in June? Well, something that looks right out of the movies, something like those selling–the-Statue-of-Liberty-schemes.

He posed as a Vatican's representative to the U.S., telling investors that he could give them first dibs on surplus Catholic Church properties. They took the bait, of course, not even bothering to check with Vatican Officials, and gave him at least $2.4 million, which he then wired to foreign personal bank accounts that were disguised as business accounts.

He used that money to “live a lavish lifestyle," as Assistant U.S. Attorney Reed Brodsky told the judge in court. In a way, it appears that Follieri might blame his ex celebrity girlfriend, as his lawyer Flora Edwards implied that he became overwhelmed by this rich-and-famous life and only tried to keep up, by any means. "As with many people, he got sidetracked by the need to adopt a lifestyle he couldn't maintain," Edwards said.

No worries, Raffaello, there’s no lavish lifestile to keep up in prison, so you’ll fit right in.