Man gets 14 years in prison for trading fraud


Share
Posted Online: Nov. 16, 2012, 9:17 am
Comment on this story | Print this story | Email this story

CHICAGO (AP) A federal judge in Chicago has sentenced a U.S. citizen to 14-years in prison for operating a foreign currency trading fraud while living in Panama.

Fifty-one-year-old Jeffery Lowrance was sentenced Thursday by U.S. District Judge Charles Norgle. He also was ordered to pay almost $18 million in restitution.

Prosecutors say Lowrance fraudulently obtained $31 million from 452 investors by claiming to buy and sell foreign currencies.

He operated his scheme from Panama between 2006 and 2009.

Prosecutors say Lowrance made Ponzi-type payments to some investors but most of them lost money about $18 million total. Some investors lost their life savings.

Lowrance fled to Peru in 2009 but was arrested there last year and extradited to Chicago. He pleaded guilty to wire fraud and money laundering in July.














 



Local events heading








  Today is Thursday, July 24, the 205th day of 2014. There are 160 days left in the year.

1864 -- 150 years ago: The Rev. R.J. Humphrey, once a clergyman in this city, was reported killed in a quarrel in New Orleans.
1889 -- 125 years ago: The Rock Island Citizens Improvement Association held a special meeting to consider the proposition of consolidating Rock Island and Moline.
1914 -- 100 years ago: The home of A. Freeman, 806 3rd Ave., was entered by a burglar while a circus parade was in progress and about $100 worth of jewelry and $5 in cash were taken.
1939 -- 75 years ago: The million dollar dredge, Rock Island, of the Rock Island district of United States engineers will be in this area this week to deepen the channel at the site of the new Rock Island-Davenport bridge.
1964 -- 50 years ago: The Argus "walked" to a 13-0 victory over American Container Corporation last night to clinch the championship of Rock Island's A Softball League at Northwest Douglas Park.
1989 -- 25 years ago: The Immediate Care Center emergency medical office at South Park Mall is moving back to United Medical Center on Sept. 1. After nearly six years in operation at the mall, Care Center employees are upset by UMC's decision. The center is used by 700 to 800 people each month.








(More History)