SYDNEY – Alan Bond, former owner of Australia’s Nine Network and one-time America’s Cup victor, could spend 10 years in jail, following his admission of guilt in Australia’s biggest case of corporate fraud.

On Thursday, Bond told the Western Australian Supreme Court he was guilty of defrauding A$1 billion ($800 million) from Bell Resources in 1988 to keep his since-collapsed Bond Corp. afloat.

Bond, 58, will be sentenced early next year. He currently is serving a three-year jail term on four counts of corporate fraud and deception, having been found guilty in August of improperly profiting from the purchase of the French impressionist painting “La Promenade” at the expense of Bond Corp.

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