'I failed you': George Santos pleads guilty to wire fraud and identity theft

Republican George Santos reached a plea deal with prosecutors and pleaded guilty to wire fraud and aggravated identity theft. Now the former representative could spend years in prison, pay restitution of nearly $374,000 and more than $200,000 in criminal forfeiture.

Santos had already been ousted by his colleagues in Congress as he faced nearly two dozen criminal charges. However, after pleading guilty to only two charges, he took a plea deal with the U.S. Attorney's Office in New York.

"A short time ago, after years of telling lies, former Congressman George Santos stood in the courthouse right behind me, and finally, under oath, told the truth. And that truth is he is a criminal," U.S. Attorney Breon Peace said after announcing the deal.

"By pleading guilty, Mr. Santos has acknowledged that he repeatedly defrauded federal and state government institutions as well as his own family, supporters and constituents. His flagrant and disgraceful conduct has been exposed and will be punished. Mr. Santos’s conviction demonstrates this Office’s enduring commitment to rooting out corruption and grift by public officials," Peace said.

The U.S. attorney said that the former congressman will serve at least two years in prison under the deal. However, the judge said the agreement could mean a much harsher sentence of six to eight years in prison. Sentencing is set for Feb. 7.

Santos, who was obviously moved as he read his guilty plea, read so fast that the judge asked him to speak more slowly. As he left the courtroom, speaking to reporters, he apologized and told constituents he was deeply sorry for his actions.

While holding back tears, Santos vowed to take responsibility for his actions and regretted allowing "ambition to cloud [his] judgment."

"This plea is not just an admission of guilt. It's an acknowledgment that I need to be held accountable like any other American that breaks the law," Santos said after leaving the courtroom. "It is clear to me now that I allowed ambition to cloud my judgment, leading me to make decisions that were unethical. ... Pleading guilty is a step I never imagined I would take, but it is a necessary one, because it is the right thing to do."

The former Republican congressman also acknowledged to voters that he failed and would work hard to regain their trust.

"It has been the proudest achievement of my life to represent you, and I believe I did so to the best of my abilities, but you also trusted me to represent you with honor and to uphold the values that are essential to our democracy, and in that regard, I failed you," Santos said.

Now, the former congressman faces not only an inescapable trip to prison but also severe financial problems, his lawyer said.

With the guilty plea, Santos pledged to take full responsibility for his conduct. However, his defense said the Republican may not be able to pay more than $200,000 criminal forfeiture, which could very negatively affect his sentence.

In fact, Santos must pay restitution 30 days before his February sentencing, and he could face additional sanctions if he doesn't come up with the money by that date.

"At this time, he does not have the money," defense attorney Andrew Mancilla told federal judge Joanna Seybert, who was concerned by the lawyer's assertion.

"We will see how it goes, but I see substantial problems if he can't comply," Seybert said before accepting Santos' guilty plea. "That sounds like we just have to hope."