Ex-Trader Pleads Not Guilty To $25M Ponzi Scheme

Law360, New York (July 15, 2011, 9:23 PM EDT) -- A former currency trader pled not guilty Friday in Illinois to charges that he ran a $25 million Ponzi scheme between 2004 and 2009 while living in Panama, losing at least $5 million from 400 people who thought they were investing in foreign currency.

The federal government charged Jeffrey Lowrance with five counts of mail fraud, one count of wire fraud and four counts of money laundering in 2009 and indicted him a year later. He arrived in Illinois on Thursday after his extradition from Peru,...
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