Page Last Updated: Wednesday May 25, 2011 5:35pm MDT

http://www.kpvi.com/story.php?id=43910&n=15206

Court documents filed Wednesday in Pocatello show Daren Palmer has made a plea agreement with federal prosecutors.

The documents show Palmer has pleaded guilty to one count of Wire Fraud and one count of Money Laundering. The Wire Fraud conviction carries a 20-year prison sentence along with a $250,000 fine. The Money Laundering charge has a prison term of ten years with a maximum penalty of $250,000.

Palmer will have his plea hearing on June 2nd at 8 a.m., at the Federal Courthouse in Pocatello in front of Judge Edward J. Lodge.

In making the plea agreement, Daren Palmer has also admitted to the basics of his scheme to take money from investors. It all started in 2002. Records show between then and January of 2009 Palmer received $75.8 million dollars from 68 investors and that Palmer lost $20 million of their money. As a part of the plea agreement, Palmer will pay restitution to any victim who lost money. The amount of loss is at least $16 million dollars but it could be in excess of $20 million.

The plea agreement also stipulates that Palmer will give the government information about his role in the scheme and the role of anyone else involved. If he tries to protect anyone or withhold facts then he could be prosecuted for perjury.

Palmer signed the agreement on Tuesday. He has no right to appeal it.