We Get Support From:
Become a Supporter 
 We Get Support From:
Become a Supporter 

Sacramento Man Accused In Ponzi Scheme Stuck With Plea

Capital Public Radio / File
 

Capital Public Radio / File

(AP) — A Sacramento man will not be allowed to withdraw a guilty plea he made as part of a plea deal for running what prosecutors say was one of the biggest Ponzi schemes in the region.

Tuesday a federal judge ruled that he saw no evidence to support Lee Loomis' claims that he was under duress when he pleaded guilty in January 2016 to a single count of wire fraud.

Loomis has been in custody since September 2012. He is accused of taking as much as $100 million from investors in six states.

Sentencing has been scheduled for March 28.

Loomis, who is acting as his own attorney after firing his lawyers last year, says he plans to appeal the judge's ruling.

Sign up for ReCap

and never miss the top stories

Delivered to your inbox every Wednesday.

Check out a sample ReCap newsletter.