Instead of enriching the lives of needy kids, Atlantic City Mayor Frank Gilliam admitted in federal court to defrauding a youth basketball team he helped create of more than $87,000 to enrich himself and fund his lifestyle.

On Thursday, Gilliam, 49, pleaded guilty in Camden before U.S. District Judge Joseph Rodriguez of the District of New Jersey to one count of wire fraud. He faces up to 20 years in prison, and a fine of up to $250,000 or twice the gross gain or loss from the offense.