Leo Joshua Kennedy spent years pilfering millions of dollars from Silicon Valley-based trust funds managed by his longtime girlfriend, draining life savings from the elderly while he bought luxury homes and enjoying a lavish lifestyle in Danville.

Now he’ll find out how many years in federal prison he’ll spend as a result of his crimes.

The 62-year-old Kennedy pleaded guilty earlier this year to one wire fraud count, admitting his prolonged theft of money from the trust funds, and it appears the best he will do is spend about five years in prison. U.S. District Judge Lucy Koh on Wednesday is set to sentence him for his felony fraud conviction.

A federal grand jury in San Jose indicted Kennedy in 2012, alleging he made off with at least $17 million from client trust funds managed by his longtime life partner and accountant, Christine Backhouse. Kennedy has since admitted secretly wiring money from trust accounts managed by Backhouse Fiduciary Services in Campbell.

The U.S. attorney’s office is recommending a 78-month sentence for Kennedy, while his lawyers are seeking some leniency at 63 months.

Families victimized by the theft view either punishment as inadequate.

“That’s not even a slap on the hand,” said Louise Plona, whose elderly mother and late stepfather, both suffering from Alzheimer’s, lost about $500,000 in the trust fund theft.

Added Karee Oliver, whose parents’ trust was drained of $1.5 million: “Seventy-eight months is not enough. I do not think that reaches anywhere near the penalty that it should be.”

Federal prosecutors are seeking an order requiring Kennedy to pay nearly $14 million in restitution to the victims, although it is unclear how much money he has left to do that — the court declared him indigent, qualifying him for a court-appointed lawyer.

The federal government has seized at least three of Kennedy’s properties, including a $1.2 million home he purchased on a golf course in Snoqualmie, Washington in 2010, that presumably could be used to repay the victims.

Federal prosecutors are arguing that Kennedy should receive about the stiffest sentence under his plea deal, noting that at one point in 2010 and 2011 he was illegally taking $500﻿,000 a month out of the Backhouse trust accounts.

Christine Backhouse, who has denied knowledge of the scheme, has not been charged with any crimes, although state regulators have threatened to take away her professional license.

Kennedy’s attorneys, meanwhile, are urging the judge to show some leniency, saying he is “deeply remorseful” and quickly admitted his crimes when confronted. When pressed by Backhouse, he apparently told her: “I ruined you … the money is not there,” according to his court papers.

The defense blames Kennedy’s conduct in part on a 2009 heart attack that clouded his judgment.

But the victims’ families, some of whom plan to be in court on Wednesday, do not have much sympathy.

“It really destroyed a lot of people,” Plona said. “He’s going to get a cool ride of a jailhouse. I’m supposed to feel good about that?”

Howard Mintz covers legal affairs. Contact him at 408-286-0236 or follow him at Twitter.com/hmintz