Fat Joe Pleads Guilty to Tax Evasion

4:43 PM PST 12/20/2012 by Erik Hayden

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Fat Joe "has taken responsibility for his tax failures," his defense attorney stated.

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Rapper Fat Joe plead guilty in a Newark, New Jersey court to tax evasion on Thursday.

Fat Joe: 'Make It Rain'

The artist, whose name is Joseph Cartagena, owed more than $700,000 in taxes to the federal government, prosecutors alleged, according to the Associated Press.

Cartagena earned almost $3 million in two years, the AP reported.

"'Fat Joe' has taken responsibility for his tax failures. He hopes to repay his tax indebtedness," his defense attorney, Jeffrey Lichtman, told the NY Post.

The artist is currently free on $250,000 bail and could face up to two years in prison when he's sentenced on April 3, the newspaper stated.

Fat Joe's last album was The Darkside Vol. 1, which was released in July 2010.