A former Ubiquiti Networks employee accused of hatching an elaborate plot to first steal nearly $2 million from his employer, extort more, then later orchestrating a smear campaign against the company pleaded guilty to multiple felony charges Thursday.

Nickolas Sharp, 36, of Portland Oregon now faces a maximum of 35 years in prison after pleading to one count of transmitting a program to a protected computer that intentionally caused damage, one count of wire fraud, and one count of making false statements to the FBI.

“Nickolas Sharp’s company entrusted him with confidential information that he exploited and held for ransom. Adding insult to injury, when Sharp wasn’t given his ransom demands, he retaliated by causing false news stories to be published about the company which resulted in his company’s market capitalization plummeting by over $4 billion,” US Attorney Damian Williams said in a statement Thursday. “Sharp’s guilty plea today ensures that he will face the consequences of his destructive actions.”

The bizarre