Italian grifter Raffaello Follieri is reportedly close to reaching a plea deal in his federal criminal case. According to the Wall Street Journal, Follieri will plead guilty to fraud and money laundering, charges for which he could face four to five years in prison.

You'll recall that just two years ago, Follieri was living a life of milk and honey in WASPy yachts and luxury Manhattan apartments. He even got himself a famous girlfriend, actress Anne Hathaway, despite looking like a damn Disney-movie villain.

As it would turn out, Follieri's money, like so many other people's, was ill-gotten. After billionaire Ron Burkle dumped millions into a Catholic properties real estate project on which Follieri had sold him, he was soon suing Follieri for $1.3 million in misappropriated funds. After settling the suit with Burkle, Follieri found some new suckers, who promptly tattled on the Italian Rapscallion for pulling the exact same bullshit for which Burkle had taken him to court.

Currently, Follieri continues to wither in prison in lieu of $21 million bail.