John Schmidt apologized to his victims in court. "I am sorry, they deserve better," he said. "I will promise whatever time I have left on this earth I will try to make atonement for my sins."

But defense attorneys for John Schmidt, who pleaded guilty in September to wire and bank fraud argued in court documents that his behavior was “out of character” and caused by depression and anxiety, requesting a judge sentence him Thursday to 27 months in prison.

John Schmidt is facing a maximum of 80 years in prison and a $2.5 million fine, as well as more than $300,000 in restitution.

In May, John Schmidt was indicted by a federal grand jury in Louisville on charges of committing wire and bank fraud.