SANTA ANA, Calif. -- Ippei Mizuhara, the former interpreter for baseball superstar Shohei Ohtani, pleaded guilty to bank and tax fraud charges during a change-of-plea hearing in federal court on Tuesday morning, two counts that carry a maximum prison sentence of 33 years.

Sentencing is set for Oct. 25 at 2 p.m. PT. After Mizuhara's guilty plea, Major League Baseball announced it was closing its investigation into the matter.

Mizuhara, 39, wore a black suit with a white undershirt while standing alongside his attorney, Michael Freedman, in the 10th floor of the Ronald Reagan Federal Building and United States Courthouse. U.S. district judge John W. Holcomb presided over the hearing.

Mizuhara stood behind a lectern alongside Freedman and repeatedly replied "yes sir" and "no sir" while Holcomb asked him questions about his knowledge of the plea agreement and the rights he was forfeiting by admitting guilt. Near the end of the hearing, which lasted about 50 minutes, a prosecution attorney outlined the bank fraud charges against Mizuhara.

When asked by Holcomb to describe what he did, Mizuhara said: "I worked for Victim A [Ohtani] and I had access to his bank account and I had fallen into major gambling debt, and the only way that I could think of was to use his money. I had access to Bank A. So I went ahead and wired money for my gambling debt with his bank account."

Mizuhara walked out of the courthouse shortly thereafter and did not have any comment while mobbed by media members on the way to a car.

U.S. attorney Martin Estrada said Mizuhara is not a U.S. citizen and therefore faces "significant immigration consequences," including "a risk of deportation." Any consequences, however, wouldn't apply until after Mizuhara completes his sentencing.

Ohtani also released a statement after Mizuhara's guilty plea.

"Now that the investigation has been completed, this full admission of guilt has brought important closure to me and my family," Ohtani said. "I want to sincerely thank the authorities for finishing their thorough and effective investigation so quickly and uncovering all of the evidence.

"This has been a uniquely challenging time, so I am especially grateful for my support team -- my family, agent, agency, lawyers, and advisors along with the entire Dodger organization, who showed endless support throughout this process.

"It's time to close this chapter, move on and continue to focus on playing and winning ballgames."

The Dodgers also released a statement expressing their intentions to move forward.

"With today's plea in the criminal proceedings against Ippei Mizuhara and the conclusion of both federal and MLB investigations, the Dodgers are pleased that Shohei and the team can put this entire matter behind them and move forward in pursuit of a World Series title," the statement read.

Federal authorities formally accused Mizuhara of bank fraud on April 11 after he wired nearly $17 million from Ohtani's account to pay off gambling debts with an offshore bookmaker named Mathew Bowyer, who is under federal investigation. Mizuhara placed somewhere in the neighborhood of 19,000 wagers from December 2021 to January 2024 without Ohtani's knowledge, according to the complaint, winning more than $142M and losing more than $182M.

Bets were not placed on baseball. U.S. attorney Martin Estrada said Ohtani, who has vehemently denied involvement in or knowledge of Mizuhara's bets, "is considered a victim in this case."

Mizuhara pleaded not guilty to bank and tax fraud during his arraignment in federal court in Los Angeles on May 14, a formality ahead of a plea deal he negotiated with federal prosecutors. Bank fraud charges carry a maximum sentence of 30 years in federal prison and the false tax return charge -- in which he allegedly owed an additional $1.15 million after filing a false return with multiple inaccuracies for tax year 2022 -- carries a sentence of up to three years.

Mizuhara told the judge on Tuesday he "did not report that money on my taxes."

The Dodgers initially fired Mizuhara on March 20 in the wake of media inquiries surrounding at least $4.5M in wire transfers sent from Ohtani's bank account to a Southern California bookmaking operation run by Bowyer that is under federal investigation. Mizuhara initially told ESPN that Ohtani oversaw the wire transfers but later walked back his account and said Ohtani had no knowledge of his gambling activities. Ohtani's lawyers then accused him of "massive theft."

In a long, prepared statement in front of the media on March 25, Ohtani said he is "very sad and shocked that someone who I've trusted has done this," later adding: "Ippei has been stealing money from us and told lies."