A Williamsburg man pleaded guilty Monday in federal court to charges stemming from accusations that he spent money belonging to his parents for his personal gain.

Stephen Kohout, 56, faces up to 20 years in prison and a $250,000 fine on a wire fraud charge and up to 20 years and $500,000 for concealment money laundering during a July 10 sentencing, according to a news release from the U.S. Attorney’s Office of the Eastern District of Virginia.

Kouhout’s parents gave him power of attorney in July 2003, which gave him the ability to make decisions about his parents’ property, assets and income, according to court documents.

In 2006, he began handling parents’ financial affairs, made up of more than $1 million in bank and investment accounts.

The next year, his parents lost medical capacity to make financial decisions, and Kohout assumed full control of their assets, the documents state.

His father died in 2011, leaving his estate left to his wife who lives in a nursing home in Tyrone, Penn.

The court documents indicate that in 2007, Kohout formed two businesses in connection to day trading activities, and later transferred money from his parents’ bank account into accounts for the businesses.

Officials said he moved money from their investment account to bank trust account from 2008 to 2011 and later transferred more than $386,000 of that into an account in his name. While he indicated that he would use the money for trading activities on the checks, Kohout instead used the funds for personal expenses, court documents state.

In December 2012, the nursing home tried to evict Kohout’s mother after falling behind on payments, the documents state. The next month, Kohout filed for bankruptcy, and while he said he misappropriated his parents’ money, officials said he did not indicate the extent of the issue.

Officials appointed Kohout’s sister the emergency guardian of their parents’ estate, and their mother remains at the nursing home, with her care being paid for by welfare funds, according to the release.