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 Monday, July 28, the 209th day of 2014. There are 156 days left in the year.

1864 -- 150 years ago: Port Byron passengers and mails will be transported by the Sterling and Rock Island railroad.
1889 -- 125 years ago: The congregation of the First Methodist church worshiped in Harper's theater, where construction work is being done at the church site.
1914 -- 100 years ago: Three-eye baseball for Moline was assured the Danville Franchise will be transferred to the Plow city.
1939 -- 75 years ago: Roseville Methodist Church is observing its 100th anniversary.
1964 -- 50 years ago: The last remaining unfinished portion of Interstate 80 between the Quad-Cities and Joliet will be opened to traffic by Aug 12.
1989 -- 25 years ago: Of all the highlights of the last 12 years, this is the greatest of all, said Dennis Hitchcock, producer director of Circa '21 Dinner Playhouse, as he torched the mortgage, clearing a $220,000 loan financing the downtown Rock Island theater's beginnings in 1977.




(More History)