Louisville, Kentucky - The former assistant coach of the University of Louisville men's basketball team is in some serious legal trouble after a federal extortion charge was issued against him.

Dino Gaudio (64) is accused of attempting to extort money from the university that formerly employed him.

The US Attorney for the Western District of Kentucky made the charge formal on Tuesday.

The charge describes threats made by Gaudio that involved a sort of "severance pay," to be provided by the school. He wanted a continuation of his salary for another 17 months or the equivalent paid in a lump sum. If his demand wasn't met, Gaudio threatened to go to the media with alleged NCAA recruiting violations.

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The former coach, who was also employed at Wake Forest University in North Carolina, communicated his conditions via a text message, which was traced across state lines outside of Kentucky, constituting federal criminal activity.

Officials from the university confirmed these allegations in a statement: "As detailed in the charging document, after Gaudio was informed that his contract would not be renewed, he threatened to inform members of the media of alleged NCAA violations within the men's basketball program unless he was paid a significant sum of money."

"Coach Gaudio takes full responsibility for his actions and lack of judgment and the statements he made in a very heated situation," Gaudio's attorney explained, in response to Tuesday's announcement.

A federal charge of this nature could result in up to two years in prison, with a possibility of probation.