The employee, who sold at least 10 of the rapper's unreleased songs for $50,000, will be sentenced early next year and faces a maximum of five years in prison.

Mayer is working with UMG's Mercury Records on his new label venture, saying the label "has already proven to be a great partnership."

"Eric Baker appears to be using his positions at Andro Capital and StubHub to profit, potentially at the expense of customers, fans, and artists," said Robert Garcia, ranking member of the Committee on Oversight and Government Reform.