Daren Palmer plead guilty, in a Federal court in Pocatello, Idaho, to running a ponzi scheme which cost investors $76 million.

The FBI spent two years investigating, and last month criminal charges were filed against Palmer.  He will be sentenced in August.

The SEC, and CFTC filed civil cases against Palmer, which resulted in an order for Palmer to pay fines and restitution of $90 million.

U.S. Federal attorney’s say Palmer wanted to plead guilty last year.  Some of his neighbors were in the Federal courtroom when he plead guilty, they say he’s a nice guy and believe he just “made a mistake”.