Prosecutors say 46-year-old Roosevelt Hairston Jr. of Malvern used his position as general counsel at Children's Hospital of Philadelphia to pay nonexistent hospital "consultants" while sending the checks to himself.
Hairston pleaded guilty in federal court Wednesday to mail fraud, money laundering and filing a false tax return.
Defense lawyer Howard Klein says Hairston's financial woes stem largely from two failed real estate deals in Chester County.
Sentencing guidelines for the charges range from roughly 5 to 7 years in prison. Sentencing is set for Oct. 13.