RICHMOND, Va. -- Former Harlem Globetrotters player Clyde Austin pleaded guilty Friday to fraud and money laundering charges related to a Ponzi scheme that duped investors out of $20 million.

Austin, 46, was scheduled to stand trial next month with three co-defendants, but entered the guilty pleas instead before U.S. Magistrate Judge Dennis W. Dohnal.

The plea agreement calls for Austin to make full restitution to the victims and to cooperate in the prosecution of the co-defendants. He is scheduled to be sentenced March 18.

The maximum penalty for the offenses is 45 years in prison and $1.25 million in fines, but Austin's sentence is likely to be significantly less because he agreed to cooperate.