An Arizona man arrested in July for trying to extort $1 million from Tom Cruise has agreed to enter into a plea agreement in the case. He will plead guilty to transmitting threatening communications with the intent to extort, which could lead to his serving up to two years in prison, a year of supervised release and a fine, EXTRA TV show reports.

In July, Schmidt was taken into custody by the FBI for allegedly attempting to sell Cruise a large collection of private photographs from his 2006 wedding in Italy to Katie Holmes.
source PEOPLE magazine & EXTRA show