The co-founder of online gambling company PartyGaming pleaded guilty Tuesday to violating the U.S. federal wire act, and has agreed to forfeit $300 million.

Indian national, Anurag Dikshit entered the plea in a federal court in New York City.

Dikshit pleaded guilty to one count of using the wires to transmit bets and wagering information in interstate commerce. The charge carries a maximum sentence of two years in prison and a fine of $250,000.
The defendant signed a cooperation agreement with prosecutors, who indicated they might ask the judge for leniency.

PartyGaming , registered in the British territory of Gibraltar, operated from 1997 through to October 2006, offering its customers gaming services including casino and poker games. Around 85 percent of its revenue came from customers located in the United States.

Dikshit told U.S. District Judge Jed Rakoff that he came to believe his activities were in fact illegal under U.S. law, saying "I have taken full responsibility for my actions."

The company said in a statement that it is unlikely to plead guilty following talks with the U.S. Justice Department. Federal authorities are still investigating the company's past activities in the U.S., where offshore Internet gambling is illegal.