CORPUS CHRISTI - A Mission businessman facing several fraud charges changed his plea in federal court this week.

Luis Carlos Castillo-Cervantes had pleaded not guilty on bank fraud and money laundering charges in November. His second count was dismissed after he came up with a plea agreement Tuesday with the U.S. Attorney’s office.

Court documents state the U.S. attorney’s office will recommend Castillo-Cervantes be given the lowest possible sentence. In addition, the sentence can be reduced even more if he gives authorities more information.

In November, an indictment out of Corpus Christi accused Castillo-Cervantes of moving money from a foreign nation to the U.S. It said the cash is connected to alleged misappropriation, theft and embezzlement of public funds by or for the benefit of a public official.

As part of the plea agreement, Castillo-Cervantes has to forfeit a 2008 Lear jet, a personal money judgment of $5 million, a slew of cars including two Mercedes-Benz’s, and three diamonds.

CHANNEL 5 NEWS reached out to Castillo-Cervantes’ attorney for comment. We did not receive a reply.

Castillo-Cervantes is set for sentencing in March.