Raffaello Follieri, the Italian businessman who claimed false ties to the Vatican in order to secure funding from high-profile sources for development projects that never came to fruition, pleaded guilty to charges of conspiracy, wire fraud, and money laundering in Manhattan court today. It's a steep fall for Follieri, who lived a high-flying lifestyle with his movie-star girlfriend, actress Anne Hathaway, before his arrest. "It's a situation where the rug was pulled out from under me all of a sudden," Hathaway, who broke up with Follieri before his arrest in June, told W this month. According to The Wall Street Journal, Follieri, who faces 51 to 63 months in prison, will likely be deported as a result of his guilty plea. His sentencing is set for October 3. [WSJ]

Related: Intel's Coverage of Raffaello Follieri