A former Vermont property manager admitted on Thursday that he's guilty of fraud in the collapse of a Montpelier company.

Sixty-four-year-old James Pumpelly, of Lake Charles, La., pleaded guilty Thursday to two counts of fraud stemming from his work with Parkside Management and Rentals Co., which managed residential apartments in central Vermont on behalf of landlords.

Federal prosecutors say Pumpelly misappropriated tens of thousands of dollars in rent money - some of it federal rent subsidy money - that Parkside collected on behalf of the landlords, diverting it for his use and that of his ex-girlfriend, Julie Clemons.

Clemons, who owned Parkside Management, wasn't charged.

Sentencing was set for Oct. 11 in U.S. District Court in Brattleboro. He could get 10 years in prison and $250,000 in fines on each count.