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LIMESTONE COUNTY, Ala. – Former Athens City Schools Superintendent Trey Holladay officially pleaded guilty in a multi-million dollar virtual academy fraud scheme on Thursday.

According to his plea agreement, by pleading guilty, all charges pending against his wife Deborah Holladay will be dismissed.

After entering his guilty plea, the former superintendent must surrender all professional education certifications and licenses he currently holds.

Holladay must also forfeit all of his assets and property to the U.S. government, with the exception of his state pension. His wife’s state pension will also remain untouched.

Holladay agreed to plead guilty to one count of conspiracy. As part of the agreement, the rest of his charges are to be dismissed.

Click here to read the full plea agreement:

He is one of two former schools superintendents, including former Limestone county Superintendent Tom Sisk, accused of conspiracy to defraud the U.S Government.

Federal officials said the two former superintendents and four other people fraudulently claimed private school students who attended schools in the Black Belt Region, were enrolled full time in Athens City and Limestone County School Districts. The systems received state funds for those students.

Holladay cannot request any sentence that includes a prison sentence of less than 30 months.

The charge comes with a maximum sentence of 5 years and a maximum fine of $250,000.