Montgomery, 32, was indicted for conspiracy for depositing or trying to deposit three checks worth $775,000 into an account he controlled. He was one of 11 co-conspirators named in the indictment, including Montgomery's former track coach, 1976 Olympic gold medallist Steven Riddick. Montgomery pleaded guilty to one count of conspiracy and two counts of bank fraud, for which he could face up to 46 months in prison. His lawyers said the guilty plea "reflects his minor role in the charged bank fraud conspiracy."

Montgomery's plea agreement does not force him to cooperate with prosecutors, and his lawyers said he has no plans to testify in the trial of the other defendants, scheduled to begin on Tuesday at U.S. District Court in Manhattan.

"I sincerely regret the role I played in this unfortunate episode. I have disappointed many people, and for that I am truly sorry," Montgomery said in a statement.

The scheme involved a couple, Douglas Shyne and Natasha Singh, who are accused of receiving stolen checks, altering legitimate checks and receiving copies of checks that had been processed by bank employees, which they then counterfeited, prosecutors said.

The conspiracy involved approximately 20 checks totaling more than $5 million, prosecutors said.

In 2000, Montgomery won a gold medal as a member of the United States 4x100-metre relay team. Two years later, he set a 100m world record of 9.78 seconds, but the time was erased from the record books after the US antidoping agency found him to have received steroids. He retired from the sport immediately afterward.