NEW YORK (AP) — Former Axius CEO Roland Kaufmann has pleaded in Brooklyn federal court to conspiring to bribe stock brokers.

The 60-year-old Kaufmann is a Swiss citizen. He pleaded guilty Friday to one count of conspiracy to violate the Travel Act before U.S. District Judge John Gleeson. He faces up to five years in prison. Sentencing is scheduled for May 17. He also agreed to forfeit $298,740.

The executive admitted to conspiring with another Swiss citizen Jean-Pierre Neuhaus who pleaded guilty on Oct. 10.

The scheme involved the two soliciting an undercover law enforcement agent to direct a group of stockbrokers to purchase up to $5 million of Axius shares controlled by Kaufmann in return for a secret kickback.

Axius is a holding company. It is incorporated in Nevada and operates in Dubai.