Olympic sprinter Tim Montgomery, once considered the fastest man on Earth until his world record was erased in the BALCO steroid scandal, pleaded guilty yesterday to conspiracy in a multimillion-dollar bank fraud and money-laundering scheme.

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

Montgomery’s plea deal “reflects his minor role” in an alleged conspiracy and does not require him to testify at the trial of his former coach, Steven Riddick, and other co-defendants, according to his lawyers. That trial is scheduled to begin today.

Defense attorneys said Montgomery could be sentenced to 37 to 46 months in prison. Sentencing is scheduled for November 1. The U.S. attorney’s office had no immediate comment.

At yesterday’s hearing, prosecutor Danya Perry told the judge the government had ample evidence Montgomery conspired with others to deposit checks that he knew were counterfeit.

Montgomery, 32, was charged last year along with Riddick, and 11 others in an alleged conspiracy to deposit $5 million in stolen, altered or counterfeit checks at several banks over three years.

Montgomery was a 2000 Olympic gold medalist and a former 100-meter world record holder. He retired in 2005 after he was banned from track and field for two years by the Court of Arbitration for Sport for doping linked to the investigation of BALCO. the lab at the center of a steroid scandal in sports.