NEWARK, N.J. (AP) — A former high-ranking executive with a South Carolina-based public charter operator has admitted using phony documents and inflated revenue figures to defraud a New Jersey bank and other financial institutions out of millions.

Federal prosecutors in New Jersey say Robert Keilman pleaded guilty Wednesday to conspiracy charges. The 43-year-old Marlboro resident faces up to five years in prison when he’s sentenced Jan. 6.

Keilman was the former chief financial officer and a founding member of Southern Sky Air & Tours. The now-defunct firm did business as Myrtle Beach Direct Air & Tours and was commonly referred to as Direct Air.

Keilman admitted that from 2010 through September 2011, he conspired with two Direct Air executives and others to engage in a “double-dipping” scheme in which they obtained the funds from the financial institutions.