Lawrence Leland “Lee” Loomis, who prosecutors say ran one of the biggest Ponzi schemes in the history of the region and conned investors in six states, pleaded guilty to a single count of wire fraud Friday in federal court in Sacramento in a deal that could send him to prison for 18 years.
The guilty plea before U.S. District Judge John A. Mendez came after years of investigation and just before the start of his trial, which was scheduled for Feb. 8.