Steve Bannon, the confidante of President Donald Trump, pleaded guilty Tuesday to defrauding New Yorkers who donated to "We Build the Wall," an online fundraiser for Trump's signature project during his first term, in exchange for a sentence without prison time.

"The parties have worked out a plea agreement. Mr. Bannon will plead guilty to count 5 of the indictment, which is scheme to defraud in the indictment. He will receive a conditional discharge," prosecutor Jeffrey Levinson said.

The guilty plea to the felony charge represents Bannon's second criminal conviction after he served prison time for contempt of Congress.

This is a developing story. Please check back for updates.