Todd Leary Pleads Guilty

By Laura Donaldson

July 15, 2010 Updated Jul 15, 2010 at 6:13 PM EDT

FORT WAYNE, Ind. (Indiana’s NewsCenter) - Former IU basketball standout Todd Leary pleaded guilty to one county of mis-appropriations of funds, a class C felony.

Normally a class C felony carries a maximum sentence of eight years and a $10,000 fine. But Leary accepted a plea agreement.

Under the agreement Leary would be sentenced to no more than three years behind bars. And if he pays more than $294,000 in restitution he'd receive a year and a half sentence.

The 39-year old former IU network radio announcer was scheduled to stand trial next week on 17-felony counts, including conspiracy, theft and corrupt business influence.

He's accused of blackmailing former title insurance broker Joseph Garretson for close to $1 million dollars to keep quiet about fraudulent "mortgage re-financing transactions."

Garretson was sentenced to eleven and half years in prison and ordered to pay $3.4 million dollars in restitution to his victims.

Leary is expected to be sentenced October 4th.

Leary played for bob knight from 1990 to 1994.

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