ABERDEEN, S.D. — An Aberdeen businessman facing 18 felony wire fraud charges has pleaded guilty to one count in a deal with prosecutors.

The American News reports that 54-year-old Marwin Hofer is accused of using money from a Quantum Properties bank account to make a payment on a personal loan.

Hofer is to be sentenced Oct. 30. The plea agreement doesn’t stipulate a recommended sentence.

Federal wire fraud carries a maximum penalty of 20 years in prison and a $250,000 fine. Hofer has agreed to make restitution covering all 18 transactions.

Information from: Aberdeen American News, http://www.aberdeennews.com

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