ROCKFORD, Ill. — A longtime bookkeeper pleaded guilty Wednesday to allegations she embezzled more than $50 million from a small city in Illinois to fund a lavish lifestyle that included a nationally known horse-breeding operation.

Rita Crundwell, 59, the former comptroller of Dixon, pleaded guilty to a charge of wire fraud in federal court in Rockford. She was allowed to remain free until her Feb. 14 sentencing hearing. Prosecutors say she siphoned money into a secret bank account while overseeing the city’s finances.