IDAHO FALLS (AP) - An eastern Idaho man who pleaded guilty to felony wire fraud and money laundering as part of an agreement with federal prosecutors is asking a federal judge for leniency.

Daren Palmer last week filed paperwork in U.S. District Court in Pocatello asking for a prison term of four to five years rather than the 10 to 12 years called for by sentencing guidelines.

"A penalty of four to five years would result in Mr. Palmer missing the high school years of his two oldest daughters and fully missing the grade school years of his youngest daughter," his attorney, Steven Richert, said in the request. "But such a penalty is substantial and reflective of the seriousness of the offense and circumstances."

Prosecutors contend sentencing guidelines should be followed, saying Palmer duped clients out of millions of dollars in a Ponzi scheme over the course of several years. Investigators accused him of using his company Trigon Group to fraudulently take more than $76 million from 68 separate investors.

State and federal officials called it a classic Ponzi scheme, in which money from new investors is used to pay off earlier investors. The scheme falls apart when clients start trying to pull their money out and there aren't enough new investors to provide funds.

Richert said the shorter sentence for Palmer is justified because his client has no prior criminal record and accepts responsibility for his crimes, which, the lawyer also points out, were not violent. Richert added that Palmer didn't set out to defraud investors.

"As time progressed and more money came into his control, however, Mr. Palmer found that he needed investor money to pay for distributions to other investors," Richert wrote. "At this point, Trigon became a classic Ponzi operation. Much like an embezzler, Mr. Palmer knew that his investment program had become a scheme, but felt that he could ultimately make things right."

Palmer is scheduled to be sentenced Tuesday. He pleaded guilty in May to the felony wire fraud and money laundering charges.

Federal prosecutors filed the charges after a two-year FBI investigation. The Securities and Exchange Commission and the Commodity Futures Trading Commission won civil lawsuits against Palmer.

U.S. Attorney Wendy Olson and Assistant U.S. Attorney Jack Haycock in a memorandum to Judge Edward Lodge said the sentencing guidelines should be followed due to the many victims in the case and large amounts of money involved.

"(Palmer) took their money with smooth-talking promises about the safety of the investment, along with great returns, and then essentially stole their money," prosecutors said. "Many of these victims have had their lives upended because of (Palmer's) actions. Many are in the later years of their lives and have lost the money which would have supported them into their waning years."

Investigators said Palmer used personal, family and religious connections to dupe investors, mostly in eastern Idaho, with promises of returns of up to 30 percent.