Pleaded guilty on Friday to two conspiracy counts

Paul Manafort, formerly President Donald Trump's campaign chairman, pleaded guilty on Friday to two counts and agreed to cooperate with federal prosecutors.

Prosecutor Andrew Weissman called Manafort's plea deal a cooperation agreement during an 11 a.m. hearing at the federal courthouse in Washington.

A charging document filed Friday in the District of Columbia accuses Manafort, 69, of participating in a conspiracy against the United States — involving money laundering, tax fraud, failing to file Foreign Bank Account Reports, violating the Foreign Agents Registration Act, and lying and misrepresenting to the Department of Justice.

The second charge, conspiracy to obstruct justice, is tied to his efforts to guide witness testimony after he was indicted last year.

As part of the plea, Manafort would be required to admit to the conduct outlined in the charging document, which describes a criminal scheme to launder money, defraud banks, evade taxes and violate lobbying laws. The document describes the conduct Manafort was charged with in both Virginia and Washington and additional criminal conduct.

Upon entering his guilty plea, Manafort will forfeit three properties in New York — his home in the Hamptons, a property in Manhattan on Howard Street, and a property in Brooklyn — as well as a property on Edgewood Street in Arlington, Virginia, according to the filing.

In addition, Manafort will forfeit all funds contained in four bank accounts, as well as a life insurance policy.