Schulman, who will be sentenced on 23 June, 2008, could serve up to 33 months in jail as well as forfeiting $1.85m (£910,000) in “ill-gotten gains”. He also faces a fine of up to $250,000 (£123,000), according to the reports.
Schulman was indicted alongside fellow former Milberg Weiss name partner David Bershad and Milberg Weiss as a firm last year, with prosecutors alleging that the class action leader had paid more than $11m (£5.5m) in sweeteners to claimants over the last two decades.
Bershad also submitted a guilty plea. Milberg Weiss maintains its innocence and has vowed to fight the charges, which followed a seven-year federal investigation.
Related charges have also been levied against co-founder Melvyn Weiss and another former partner, William Lerach.
Milberg Weiss was widely regarded as the pre-eminent class action firm in the
