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Currency Trader Facing Criminal, SEC Charges

February 15, 2012, 9:47 AM

SIOUX FALLS, SD - A foreign money trader is facing federal criminal and securities charges.

Jeffery Lowrance already has a multimillion-dollar civil judgment against him in South Dakota. He was accused of defrauding hundreds of investors in a Ponzi scheme.

Lowrance was arrested in Peru last February. He's now in federal custody in Illinois.

He pleaded not guilty in federal court to mail and wire fraud and money laundering. Prosecutors say he intended to swindle 400 investors out of more than $25 million.

Lowrance's lawyer didn't respond to a call seeking comment.

About 200 plaintiffs in the 2009 South Dakota case were awarded nearly $180 million in damages after Lowrance failed to respond to the lawsuit.

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