Accused Sevier swindler Bolze to change plea

The Gatlinburg day trader accused of swindling investors out of millions in a Ponzi-style scheme has filed to change his plea next Tuesday.

Dennis Bolze originally pleaded not guilty to federal money laundering and wire fraud charges. 

Bolze, 60, is accused of taking in $20 million from investors but not investing all the money, instead paying out subsequent investors' money to previous investors to generate the appearance of turning a profit.

The indictment includes three counts each of money laundering and wire fraud.

Creditors filed a bankruptcy case against Bolze when he couldn't be found--he'd later be arrested in Pennsylvania. After a forced bankruptcy was granted, dozens bid on his personal possessions.

Bolze's biggest asset, his house, is still tied up in legal wranglings over whether Bolze and the companies he ran are the same legal entity. His major creditors see it as their best shot of recovering some of the money they invested.

Bolze is set to change his plea on Tuesday, November 10, in the courtroom of Judge Thomas A. Varlan. Bolze's trial is set to begin on January 25.