Jeffrey Lane Mowen arrested in Panama

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
Judge Roy Bean
Judge for the District of Quatloosia
Judge for the District of Quatloosia
Posts: 3529
Joined: Tue May 17, 2005 7:04 pm
Location: West of the Pecos
Contact:

Jeffrey Lane Mowen arrested in Panama

Postby Judge Roy Bean » Sat Apr 25, 2009 1:50 am

Another Ponzi scheme breaks down.

Panama seems to be something of a destination.

http://www.sltrib.com/news/ci_12219254

Utah County man charged with wire fraud is arrested in Panama

By Pamela Manson

The Salt Lake Tribune
Updated: 04/24/2009 04:24:45 PM MDT

Jeffrey Lane Mowen, 47, of Lindon, accused of defrauding investors out of millions through his foreign currency trading and real estate programs, has been arrested in Panama.

A Lindon man accused of defrauding investors out of millions through his foreign currency trading and real estate programs has been arrested in Panama and is expected to appear in a federal court in Houston this afternoon.

The arrest of Jeffrey Lane Mowen, 47, was made by Panamanian authorities in conjunction with the FBI Legal Attache office in Panama, federal officials said Friday. They said the arrest was made without incident after authorities received information from U.S. citizens living in Panama.

Mowen is charged with three counts of wire fraud, carrying a maximum penalty of 20 years in prison and a $250,000 fine. His investors allegedly lost about $10 million.

A federal indictment unsealed Monday in Salt Lake City alleges that Mowen promised returns as high as 33 percent a month and received more than $18 million in investments. He initially made some payments to investors, but stopped after about a year, the indictment says.

Instead of investing the funds, Mowen ran a Ponzi scheme, in which investors are paid returns with money taken from newer investors, and bought more than 200 high-end vehicles, according to the indictment. Those vehicles have been seized by federal authorities.

Authorities say Mowen fled the United States in the fall when confronted by investors. Publicity surrounding the unsealing of the indictment alerted the public that he was a fugitive.
The Honorable Judge Roy Bean
The world is a car and you're a crash-test dummy.
The Devil Makes Three

Return to “THE DILIGIZER BOARD -- Securities Fraud -- Due Diligence in Finance”

Who is online

Users browsing this forum: No registered users and 1 guest