(Wine-Searcher) - The disgraced former owner of the bankrupt store is facing 20 years in prison.

"I can't believe he's finally going to prison!"

That was an excited text sent between former employees of bankrupt Berkeley, California wine retailer, Premier Cru on Wednesday.

John Fox, co-owner of Premier Cru, was scheduled to turn himself in to federal marshals on Wednesday and plead guilty on Thursday to one count of wire fraud. The pending guilty plea was first reported by Wine Spectator.

Fox could face up to 20 years in federal prison, though he may have made an agreement with prosecutors for a lesser sentence. While Fox is expected to appear in court on Thursday, he will not be sentenced immediately. However, he probably will be taken into custody immediately.

"It's a death sentence," one former Premier Cru employee, who asked for anonymity, told Wine-Searcher. "He won't last 20 years in prison."

Fox could also be fined $250,000 and ordered to pay restitution to up to 9000 clients who never got wine they paid for. But it's unlikely most of them will ever see any money, as both Fox and the business have declared bankruptcy. Premier Cru listed a whopping $70 million in debt and only $7 million in assets, most of which was wine in its warehouse.

Fox and Premier Cru were accused of selling futures, often at surprisingly low prices, for wines that they never intended to deliver. The former employee said he recognized something was amiss "my first week there. Every single phone call was about putting out fires. It wasn't about ordering wine."