John DeMilo, 42, of Branford, Connecticut, faces a maximum of 30 years in prison, after pleading guilty on Tuesday in the U.S. District Court for the District of Connecticut.

DeMilo's company, New England Cash Dispensing Systems (NECDS), operated a network of ATMs from 2000 through 2010 under a joint agreement with Domestic Bank. The machines, which can be found in gas stations and convenience stores in the northeastern U.S., bore the Domestic Bank brand, but they were stocked with cash provided by both NECDS and Domestic Bank.

NECDS was responsible for maintaining and loading up some Domestic Bank ATMs with cash.

Prosecutors say that DeMilo and others gamed the system, ripping open courier bags and refilling the NECDS ATMs with cash that was supposed to go to Domestic's ATMs. By falsifying accounting for the scheme, they kept Domestic Bank in the dark for several years.

The crooks assigned their ATMs to different "clubs," depending on the number of $20 bills that would be diverted. There was a "500 Club," where US$10,000 was removed from the cash bag, a "300 Club" ($6,000), and even a "200 Club" ($4,000).