Former auto mogul Denny Hecker was sentenced Friday to 10 years in prison after pleading guilty to wire and bankruptcy fraud, according to the Associated Press.

It was the maximum sentence Hecker could have received. Hecker has been in federal custody since October, after he was arrested for failing to disclose how he spent nearly $124,000 in insurance money.

Hecker's current attorney Bill Mauzy sought a sentence of eight years, not 10. Hecker reached a plea deal with federal prosecutors in September on two fraud-related charges.

The 58-year-old Hecker, who once owned 26 dealerships, a leasing company and Advantage Rent a Car, broke down in tears during the sentencing, according to the AP report. Hecker apologized to the judge and to taxpayers. However, Judge Joan Ericksen told Hecker his behavior in carrying out the massive fraud was such that he did not deserve a break.