Lowrance charged with using investor funds for Ponzi scheme
The US Securities and Exchange Commission (SEC) has charged Jeffrey Lowrance with fraud for allegedly scamming hundreds of investors out of $21 million.
Lowrance’s company, First Capital Savings & Loan, promised investors high, fixed-rate returns on foreign investments when in fact their funds were used as capital for Lowrance’s start-up alternative newspaper USA Tomorrow.
The SEC alleges that Lowrance raised funds from investors across at least 26 states, promising huge returns from a
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