A former employee of the Federal Reserve Bank of New York pleaded guilty to criminal charges Tuesday in an identity theft scheme that prosecutors said used identities stolen from the New York Fed.

Curtis L. Wiltshire pleaded guilty to bank fraud and aggravated identity theft at a hearing before U.S. Magistrate Judge Gabriel Gorenstein in Manhattan. A former information and technical analyst, Wiltshire was fired by the New York Fed in February.

Wiltshire faces 27 months to 33 months in prison under sentencing guidelines. Sentencing is scheduled for Jan. 8. Wiltshire and his brother, Kenneth, were charged under criminal law in April. Prosecutors from the U.S. Attorney's Office for the Southern District of New York alleged that Curtis Wiltshire used identities of New York Fed employees from 2006 to 2008 to take out fraudulent student loans, resulting in a loss of about $200,000.

The government had separately alleged that Kenneth Wiltshire used identities stolen from the New York Fed and other places to take out eight fraudulent loans, from 2006 to 2008, totaling more than $900,000.

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