Prosecutors say the 48-year-old Middletown resident conspired to create shell companies bidding for Fleet's distressed loans. O'Keefe, who worked at Fleet and Bank of America from 2001 to 2007, used his position to obtain confidential information.
Authorities say O'Keefe and others made more than $1.5 million from the schemes.
O'Keefe's lawyer says his client pleaded guilty because he regrets his misconduct.
He faces up to 35 years in prison and a fine of more than $1 million. Sentencing is set for Aug. 29.
