- Associated Press - Thursday, July 14, 2016

SACRAMENTO, Calif. (AP) - A Sacramento man who admitted he was guilty and agreed to a plea deal for running what prosecutors say was one of the biggest Ponzi schemes in the region has withdrew his plea, fired his lawyers and vowed to fight on in court.

The Sacramento Bee reports (https://bit.ly/29UX7vC) that Lawrence Leland “Lee” Loomis agreed to the plea deal in January that could have sent him to prison for up to 18 years.

He stands accused of siphoning millions from dozens of families in six states. He was set to pay $462,299.28 in restitution from seized bank accounts and had promised to cooperate with prosecutors. He withdrew his guilty plea Tuesday to one count of wire fraud.

The judge set a hearing for October to consider his request, which could open him up to further punishment.

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Information from: The Sacramento Bee, https://www.sacbee.com


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