In exchange, prosecutors will drop charges that accused him of transporting a boy to California for sexual purposes.
The drug charges stemmed from sex parties Lakin held at his home, which included both adults and minors.
Lakin will spend six years in federal prison after his formal sentencing next month. He'll also pay more than $500,000 in fines and forfeitures.
Lakin had been out on bond, but a judge ordered him taken into custody despite requests from defense attorneys that he be allowed to remain free until after a medical evaluation.
Lakin also faces a civil suit from his alleged abuse victims, and an investigation from Illinois state prosecutors.
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