ABC News is reporting that Raffaello Follieri has agreed to plead guilty to charges of money laundering and wire fraud.

Officials say claiming close ties to the Vatican, he convinced the unsuspecting investors that he could give them first dibs on flipping Catholic Church properties. He reportedly stole up to $6 million from his investment firm and blew it on a lavish lifestyle that included apartments, vacations, clothes and gifts for Hathaway.

Earlier today the Wall Street Journal indicated that the federal investigation centered on stolen money Follieri paid church officials to convince investors that he could buy up church properties at below-market rates. The Journal specifically mentioned officials in the Vatican, but of course the highest Follieri payout publicly known right now is the $400,000 Follieri paid Bishop Joseph Galante for an unremarkable personal beach house. Galante himself is the architect of the largest church sell-off plan in American history and priests in his employed worked closely with Follieri. It seems like a good time for the Bishop to address the Vaticon scandal and take whatever actions are best for the Diocese.