Alexander Kostyukov entered pleas Monday to five charges, including participation in a racketeering organization, conspiracy and of trafficking in and production of false identification documents.
The move came during jury selection in U.S. District Court in Las Vegas for a trial that still involved 22-year-old co-defendant David Camez of Phoenix.
The ,b>Las Vegas Review-Journal reported that Kostyukov will be sentenced March 27.
His attorney, Todd Leventhal, disputed prosecutors' claims that the scheme netted more than $50.5 million in financial losses worldwide.
Prosecutors said millions of Americans and numerous financial institutions were victimized.
The ring is accused of trading counterfeit documents, identity and stolen bank account information on organization websites.