Raffaello Follieri, an Italian businessman initially famous for dating Anne Hathaway and then for being arrested on wire fraud and money laundering charges, may reach a plea deal Thursday in court, according to various media sources.

For example, the Wall Street Journal is reporting that 29-year-old Raffaello Follieri is near an agreement to plead guilty to the fraud and money-laundering charges. He is to plead guilty Thursday in Manhattan court. The entrepreneur is currently in custody, faced with an impossible $21 million bail.

“A person familiar with the matter” told the Journal that Follieri could be looking at four to five years in prison. Well, that means he will still be a young man once he leaves those prison bars behind. It is highly improbable though that he will be better liked.

Follieri is accused of having concocted a clever scheme in which he pretended to have direct connections with the Vatican and convinced investors to put their money in a real estate company that allegedly acquired and redeveloped Roman Catholic Church property.

Prosecutor Reed Brodsky was adamant during a previous hearing that the businessman is “a con man” who was able “to con a lot of people out of a lot of money and did it over a long period of time.”

“He was able to deceive everyone from the most sophisticated investor to the naive person,” Brodsky added. “The evidence in this case is overwhelming.”

Follieri reportedly used the funding he filched from his victims to enjoy an over-spoiled life of riches. He was finally caught up with by the New York State Attorney General’s office, after an investigation into his charitable foundation’s apparently suspicious financial papers was launched.