Man, 30, agrees to repay $313,000
The son of a former Bonner County man accused of orchestrating a $2 million Ponzi scheme has agreed to repay $313,000 he received from his father.
Settlement documents against 30-year-old Luke D. Lowell were entered Monday in 1st District Court.
The state sued Dale E. Lowell in July, accusing him of defrauding nearly two dozen investors who joined “Dale’s Investment Club.”
The Idaho Department of Finance said Lowell returned some of the $2 million invested with him in periodic “earnings” or profit payments, but kept $1.6 million from investors. The department won a $2 million civil judgment against Dale Lowell when he failed to respond to the lawsuit.
Luke Lowell was also named in the state’s lawsuit. He has agreed to repay the money he received from his father, including $195,000 he used to buy a house. Luke Lowell agreed to sell the house.