A Williamsburg man has been sentenced to 60 months in prison for defrauding several elderly clients out of investment funds as a part of a wire scheme.
William Lowder, 57, scammed clients at Lowder Insurance and Ash Brokerage out of significant investment funds as a part of a wire fraud scheme.
Beginning in 2001, Lowder began defrauding several of his elderly clients by convincing them to liquidate existing annuity investments under the guise that their investment would earn a higher rate of return once reinvested. After the clients liquidated their assets, Lowder convinced them to give the proceeds directly to him for reinvestment. He then gave the clients false account statements to conceal the fraud.
U.S. Attorney Patrick Miles estimates that between 2001 and 2009, Lowder stole over $1 million from his clients. Lowder reportedly admitted that he did not claim the amounts stolen on his tax returns.
"The victims of Lowder's scheme worked hard for their retirement and he stole their hard earned savings," said Erick Martinez, Special Agent in Charge. "IRS Criminal Investigation is committed to pursuing those who perpetrate these crimes."
As part of his sentence, Lowder will be forced to pay $1,567,908 in restitution and must complete 300 hours of community service.
"This case is especially troubling given that Mr. Lowder stole significant amounts of money from elderly clients who, like most citizens, rely upon their limited investments to provide for their financial security," Miles said.