Former Trader Charged with Swindling $5 Million to Fund Newspaper

By: Julie Wernau | Chicago Tribune

Jeffery Lowrance, 50, was extradited Thursday from Peru where he was arrested earlier this year and lived since 2009. He is in federal custody until his detention hearing July 25.

According to the indictment, between August 2004 and July 2009, Lowrance and others fraudulently solicited investments for two businesses claiming to buy and sell foreign currencies. He allegedly told investors that they would be paid 4 to 7 percent interest per month on their investments but used only a small portion of the money he received to trade.

Instead, Lowrance used most of the money to fund a start-up newspaper called “USA Tomorrow,” according to the Securities and Exchange Commission. 

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