INDIANAPOLIS -- A settlement is in the works between the state and the owner of one of Indiana's largest cemetery management operations, who admitted to theft and securities fraud.

Robert Nelms, 40, admitted as part of a plea deal that he misused about $23 million that had been earmarked to pay for the maintenance of burial plots at Greenwood's Forest Lawn Memory Gardens and cover the cost of prepaid funerals and burials.

Johnson County Circuit Judge Mark Lloyd, who is overseeing the civil lawsuit, told 6News' Rafael Sanchez on Thursday that Pennsylvania-based Stone Mor Properties is considering buying Nelms' funeral operations in Indiana, Ohio and Michigan.

As part of the deal, Stone Mor would pay millions into the funds that were misused.

Company spokesman Tim Yost told 6News that Stone Mor is a possible suitor, but that he could not provide any other information.

Indiana Attorney General Greg Zoeller said he could not discuss specifics, but said his office has been concerned about the missing money.

"The one thing I'm most focused on is that, in the end, sale or any of the next steps, that all funds are returned," he said.

Lloyd said he can't a make decision on the proposed settlement until he gets a recommendation from the receiver of Nelms' assets.

The next hearing in this case is scheduled for the end of the month.

Last month, Nelms was sentenced in Marion County to eight years in community corrections and two years probation after agreeing to plea deal.