Former Humboldt Creamery CEO Rich Ghilarducci will plead guilty to a single federal charge filed against him of making false statements to an agricultural credit bank, reports the Times-Standard.

According to a statement sent by his lawyer, Ghilarducci "has agreed to waive indictment and will plead guilty to this charge. Rich accepts responsibility for providing false financial information to Humboldt Creamery’s lender in 2007.”

If convicted of the charge, Ghilarducci faces a maximum fine of $1 million and a 30-year prison sentence.

Read the entire article.

Source: Eureka, Calif., Times-Standard