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California Man Revokes Guilty Plea In Ponzi Scheme Case

(AP) - A man who originally pleaded guilty to charges related to running a Ponzi scheme has revoked his plea and will represent himself in court.

The Sacramento Bee reports that 59-year-old Lawrence Loomis agreed to a plea deal in January that could send him to prison for up to 18 years. Prosecutors say he ran one of the biggest Ponzi schemes in the region, stealing millions from dozens of families.

On Tuesday, Loomis told the judge at a federal court in Sacramento that he had a change of heart. According to court documents, U.S. District Judge John A. Mendez spoke to Loomis and his attorneys and then agreed to allow Loomis to represent himself.

Kresta Daly, who represented Loomis until Tuesday, did not respond to a request for comment Wednesday.