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July 21, 2009 in Idaho

Complaint alleging Ponzi scheme

The Idaho Department of Finance has sued former Bonner County real estate agent Dale E. Lowell and son Luke, alleging Dale Lowell ran a Ponzi scheme that defrauded investors of more than $2 million. The complaint filed Friday in Bonner County District Court says 23 investors initially entrusted $5,000 to $25,000 with Lowell, who promised returns of 10 percent per month based on trades in stock options earning 30 percent per month.

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July 21, 2009 in Idaho

Exhibits regarding alleged Ponzi scheme

Messages Dale Lowell sent to investors are collected as exhibits in this file, including a letter saying, “99.99 percent of all representations by me have evolved into being 100 percent false.”

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