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Federal court allows for greater sentencing disparity (both for more time and less time) than most state courts.
That said, there is are general guideline that the courts use to start the sentencing analysis (called, not surprisingly, the Federal Sentencing Guidelines).
Assuming that he has no criminal history, and assuming that he pleads guilty, and assuming that the 2 million dollar number is right and assuming that there aren't any other aggravating factors in the case (big assumption; there tends to be at least one or two), then the Guidelines would recommend a sentence of 33-41 months.
Also, federal court is good about forcing fraudsters to pay restitution to their victims. That would mean that as part of any guilty plea, the prosecutor would almost certainly force him to agree to pay back his victims. That becomes an enforceable civil judgment against him (and keeps his victims from having to sue him separately and pay a lawyer to do it).
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