Latest from The Spokesman-Review
Dale Edward Lowell just needed a bit more money. A few dollars here and there - anything to help him make another investment in a stock market he was sure he could figure out. It never worked, but, in his mind, success was just another investment away.
That’s what the former North Idaho real estate agent told a federal judge Wednesday when he was sentenced to three years in prison for a Ponzi scheme that collected more than $2 million from duped investors in the Sandpoint and Coeur d’Alene area. Lowell met many of the investors while a pianist for a Sandpoint church.
A former Sandpoint real estate agent has pleaded guilty to six federal felonies for a Ponzi scheme that bilked investors out of $2 million.
Dale Edward Lowell, 59, now of Colbert, faces up to 20 years in prison when he’s sentenced in October, but a plea deal approved Tuesday in U.S. District Court calls for prosecutors to ask for a low sentence and $1.7 million in restitution.
That doesn’t sit well with Jeffrey Bales of Sandpoint. His now ex-wife met Lowell when he worked as a pianist at the Church of the Nazrene in Sandpoint. The two began a secret affair, and Bales’ wife persuaded him to invest nearly $180,000 in Lowell’s investment scheme, “Dale’s Investment Club.