A wealthy newspaper publisher and strip club owner pleaded guilty to dozens of federal charges Thursday.

Sam Zherka, a 46-year-old father of eight, entered his plea in federal court in White Plains.

He was indicted last September on 30 charges including tax fraud, tampering with witnesses and submitting false loan applications.

Zherka was facing up to a 300-year sentence if convicted of all charges. Under the plea deal, he will serve just five years. Zherka is also forfeiting $5.2 million in restitution payments. He initially faced as much as $146 million in penalties.

Zherka's attorneys wanted him released until his sentencing day so he could square away his business dealings. He would have been under house arrest and worn an ankle bracelet.

The judge denied the request, saying ordinarily bail conditions become tightened, not loosened, after a guilty plea.

Zherka's attorneys promised to appeal that ruling.

Zherka faces sentencing on Dec. 22.