OAKLAND (CBS SF) — A San Ramon man has pleaded guilty to misappropriating and embezzling funds of disabled veterans, United States Attorney David Anderson announced Thursday.

In his guilty plea, Raj Kumar Ditta, 51, admitted that from 2010 through 2012, he entered into a fiduciary agreements with the Veterans Affairs to act as a fiduciary for eight veterans and beneficiaries that the VA determined were not competent to handle their own financial affairs.

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In his role as a fiduciary, Ditta was required to establish bank accounts to receive VA income for the veterans and beneficiaries to ensure their debts were paid.

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Prosecutors said Ditta admitted that in each case, he set up a separate bank account for the beneficiary and began siphoning funds from the account.

He stole approximately $39,500 from the veterans and beneficiaries and used the funds for his own benefit, according to prosecutors.

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Ditta faces a maximum sentence of five years in prison and a $250,000 fine.