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SANTA ANA, Calif. (AP) - A man accused of operating one of the largest Ponzi schemes in U.S. history pleaded guilty Monday to one count each of mail fraud and money laundering in a deal with prosecutors.
James Paul Lewis Jr., 59, could face up to 30 years in prison for the scheme, which cost nearly 3,300 investors around $70 million, prosecutor Greg Staples said.
Prosecutors allege Lewis raised more than $300 million overall. He had faced 14 counts in the case, but agreed to help prosecutors recover more of the investors' assets in exchange for a plea deal, said his attorney, Scott Schlegel.
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