Rapper Fat Joe pleaded guilty to two counts of failing to file tax returns on Thursday in a federal court here.

The musician, whose real name is Joseph Cartagena admitted to not filing tax returns in 2007 and 2008 on income of approximately $3.7 million, according to published reports. Prosecutors said he owed the government $718,038.

Fat Joe was released on bail of $250,000, and faces as much as two years in prison, a fine of $200,000 and court costs. Sentencing was scheduled for April 3.