Court documents released Wednesday say former chief technology officer Anthony Banas will plead guilty to wire fraud.
Chicago-based Canopy was known as one of the nation's fastest growing businesses before its 2009 bankruptcy. Many clients relied on it to pay medical bills.
Banas and former chief operating officer, Jeremy Blackburn, have been charged with wire fraud, which carries a maximum 20-year prison sentence.
Banas' agreement says he participated in transferring $60 million of investor funds and misappropriating $18 million in health care savings accounts.
Messages left for defense attorneys weren't immediately returned.