He stole information from services that distribute press releases.

(Reuters) – A Georgia-based real estate developer pleaded guilty on Monday to participating in what U.S. authorities say was a $100 million insider trading scheme that involved hacking into networks that distribute corporate news releases.

Alexander Garkusha, who authorities say traded on inside information, pleaded guilty to conspiracy to commit wire fraud, becoming the first defendant criminally charged in the case to admit wrongdoing.

“I am very sorry I did this. I know that it was against the law,” Garkusha told a judge during a court hearing in Brooklyn.

Garkusha, a resident of Alpharetta and Cumming, Georgia, near Atlanta, was arrested in August along with four other individuals in what authorities said was the first criminal case over a securities fraud scheme involving hacked inside information.

Prosecutors said Garkusha, 47, who was born in Russia and is a U.S. citizen, was among a group of traders who executed securities transactions based on inside information stolen by hackers in Ukraine.