Traverse City Man Pleads Guilty to Fraud
William Lowder, a northern Michigan insurance broker, pleaded guilty to fraud. After manipulating clients to change their investments and encouraging them to put money in annuities handled by his Traverse City office, Lowder cost his clients more than $1 million over an eight-year period.
Only a week after charges were filed, 57-year-old Lowder pleaded guilty in Grand Rapids federal court. Lowder also pleaded guilty to a tax crime. Earlier last year, state regulators suspended his license. While he took advantage of many clients, the state regulators say he also took advantage of at least one client who was mentally incompetent.
He has been given a court-appointed attorney and will receive his sentence on May 29.
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