Dan Schon, a former executive at Vibra Bank, pleaded guilty on Tuesday to wire fraud, according to a statement from the Office of the U.S. Attorney for the Southern District of California.

The small Chula Vista-based bank opened in 2008. It was acquired in 2014 by Los Angeles-based Pacific Commerce Bank.

Schon’s actions, intended to conceal his role in a scheme to deposit $70,000 in cash deposits into numerous accounts at the bank to avoid record-keeping requirements, resulted in the bank unknowingly creating false anti-money laundering reports, according to the plea agreement.

Schon and an unnamed associate lied to other Vibra employees after they discovered the transactions in mid-June of 2010. Those falsehoods, which included the claim that all the money deposited belonged to Schon, were included in an AML report created by the employees to whom Schon and his associate lied, according to the plea agreement.

Schon is scheduled to be sentenced Aug 21.