Dade Medical College owner Ernesto Perez pleaded guilty to charges of illegal campaign contributions and resisting arrest Monday as part of a plea deal with prosecutors.
Besides serving three days in jail, Perez will have to pay a $150,000 fine and do 160 hours of community service as part of the deal.
Perez was facing up to six years in prison had he not taken the plea deal. He left the courthouse without talking to reporters.
In the meantime, students from the now defunct college are trying to figure out how to get their money back or how to complete their nursing degrees. Dade Medical College had 2,000 students, 400 employees and several campus locations throughout South Florida.
The school had been under scrutiny over its finances and the poor performance of its students on certification exams when it abruptly closed last month.
Perez will surrender on January 5th. He'll be under house arrest for 30 days and then on probation for three years.