Follieri pleads guilty

That would be Raffaello Follieri, the onetime business partner of L.A. billionaire Ron Burkle and onetime boyfriend of actress Anne Hathaway. The guilty plea covers conspiracy, eight counts of wire fraud and five counts of money laundering in connection with a real-estate investment scheme. "I did not have investor authorization to use the money that way," Follieri said in court this morning. "I knew what I was doing was wrong." Er, right. Last year, an investment fund connected with Burkle's empire accused Follieri of misappropriating at least $1.3 million. It's also alleged in court documents that he received millions of dollars from a California private equity firm to develop church properties. But prosecutors say that Follieri used investor money to fund a luxurious lifestyle that included custom-made suits and an apartment in a luxury high-rise overlooking Rockefeller Center (well, he had to impress the babe, right?). Here are stories from the WSJ and AP)