COEUR D’ALENE – Dale Edward Lowell, 59, of Colbert, Washington, pleaded guilty today in United States District Court in Coeur d’Alene, to wire fraud, U.S. Attorney Wendy J. Olson announced.

According to the plea agreement, Dale Lowell was a long-time resident of North Idaho. Beginning around 2005, Lowell raised funds with the promise to investors of profit and safety, often approaching past business clients and associates. Lowell represented to investors that he was an accomplished options trader and that his trading routinely resulted in 10% to 50% profits per month. Lowell personally guaranteed the safety of the funds placed with him. He also inferred that he had certificates of deposit in place to cover any possible loss to investors. Lowell used stories and explanations to encourage investors to part with their money and not demand repayment. He communicated with the investors by e-mail when they questioned his actions or inactions.

In total, Lowell raised approximately $2.2 million from approximately twenty-two investor units, that often included several family members. Lowell either lost the money in the market, used it for personal and family expenses, or made payments to investors in order to keep the scheme going.

The charge carries a maximum punishment of up to 20 years in prison, a fine up to $250,000, and up to five years supervised release.

Sentencing is scheduled for October 31, 2011, before U.S. District Judge Edward J. Lodge in Coeur d’Alene.

The case was investigated by the Federal Bureau of Investigation.