NEW YORK (AP / CBSNewYork) – A New York man convicted of masterminding a $100 million mortgage fraud scheme has admitted trying to order a hit on a key witness in his trial.

WCBS 880’s Irene Cornell On The Case

Former AFG Financial Group Inc. President Aaron Hand pleaded guilty Monday to conspiracy to commit murder. He is already serving 8 1/3 to 25 years in prison and is facing an additional sentence of 8 to 16 years to run consecutively.

Hand had faced 25 to life if convicted on the more serious charge of attempted murder.

Manhattan prosecutors wouldn’t name the witness, one of several who testified against Hand in the scheme. He was convicted in July 2010 of racketeering.

Authorities got a tip that he was interested in arranging a hit, so they sent an undercover investigator.

(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

Watch & Listen LIVE