COEUR d'ALENE - A 59-year-old former Sandpoint real estate agent pleaded guilty Tuesday in federal court to two counts of wire fraud for duping investors through his false statements and promises.

Dale E. Lowell, of Colbert, Wash., who was a longtime resident of North Idaho, raised approximately $2.2 million from more than 20 investor "units," which often included multiple members of a family, according to a plea agreement filed in U.S. District Court.

Beginning around 2005, Lowell raised funds with promises of profit and safety to investors, often approaching past business clients and associates.

He told investors he was an accomplished options trader and that his trading routinely resulted in 10 percent to 50 percent profits per month.

He personally guaranteed the safety of the funds placed with him, the agreement said.

He led investors to believe he had certificates of deposit in place to cover any possible losses.

Lowell used stories and explanations to encourage investors to part with their money and not demand repayment.

He communicated with the investors by email when they questioned him.

Lowell either lost the money in the market, used it for personal and family expenses, or made payments to investors in order to keep the Ponzi scheme going, court documents said.

Wire fraud carries a maximum punishment of up to 20 years in prison, a fine up to $250,000, and up to five years of supervised release.

Sentencing is scheduled for Oct. 31, before U.S. District Judge Edward J. Lodge in Coeur d'Alene.