North Idaho Man Allegedly Scammed Church Members in Ponzi Scheme
A North Idaho man has been sentenced after pleading guilty to wire fraud earlier this year related to a Ponzi scheme that allegedly took more than $2 million from Idaho investors. Dale E. Lowell will serve three years in prison, pay restitution to the alleged investment scam victims in Sandpoint and Coeur d'Alene, and complete community service on release. Lowell's alleged victims included members of the church where he sang and played piano.Lowell allegedly promised investors returns of 10% - 50% on investments that were supposedly safely backed with certificates of deposit. Unfortunately, Lowell is accused of losing his investors’ cash on the stock market, using some of the cash for his own expenses, and paying off prior investors to keep up the appearance of legitimacy. Lowell, who is a real estate agent, describes starting his investment club in hopes of making it big. Unfortunately, he said that he was unable to acknowledge when he failed and turned to lies to keep afloat.
Although restitution has been ordered in the case, it has been said that the likelihood of it actually being paid is low. Some investors have speculated that Lowell has some of the cash still "hidden" for when he is released, but there has been no known evidence to support that claim.
The investment fraud attorneys with the Law Firm of Meyer Wilson are here to assist investors who have suffered losses due to stockbroker misconduct, Ponzi schemes, and stock scams. We represent investors nationwide in stockbroker mediation, arbitration, and litigation, and we look forward to working with you.
Category: Investment Fraud
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