NEW ORLEANS- A New Orleans physician has pleaded guilty to money laundering and illegally dispensing drugs.

The U.S. Attorney's Office in New Orleans says in a Thursday news release that 58-year-old Frederick Floyd had been arrested in July.

Prosecutors said he illegally dispensed - and worked with others to dispense - Oxycodone and other drugs. Floyd pleaded guilty Thursday. U.S. District Judge Carl Barbier set sentencing for Dec. 28.

The U.S. Attorney's Office says Floyd faces a mandatory 10-year prison term if Barbier accepts the plea agreement in the case.