Currency Trader Facing Prison Time in Ponzi Scheme
SIOUX FALLS, S.D. (AP) - A foreign currency trader who faces a multimillion-dollar civil judgment in South Dakota for allegedly defrauding hundreds of investors in a Ponzi scheme is looking at prison time after reaching a plea deal in a criminal case.
But South Dakota attorney Wanda Howey-Fox says it's unlikely that Jeffery Lowrance has any remaining assets to reimburse those he defrauded.
Lowrance was arrested in Peru last year and extradited to Illinois. He pleaded guilty last month to one count of wire fraud and one count of money laundering. The deal recommends 12-1/2 to 15-1/2 years in prison, but a judge has final say.
In 2009, a federal judge in South Dakota issued a default judgment of more than $40 million against Lowrance and punitive damages of three times that amount.