Cox faced 42 counts of fraud, in addition to felony charges for fleeing while on probation from a previous conviction. Facing a maximum sentence of over 400 years, he negotiated a plea bargain agreement that gave him a maximum of 54 years, and a $2 million fine. On April 10, 2007; Cox formally pleaded guilty to six counts of bank fraud, identity theft, passport fraud, conspiracy to commit mortgage fraud, and violating the terms of his probation from his 2002 mortgage fraud conviction. On November 17, 2007, federal judge Timothy C. Batten, Sr. sentenced Cox to 26 years in prison. He also ordered Cox to pay $5.97 million in restitution.