Lannie Blake Lown

Apr 10

On April 10, 2003, Judge Margaret Cooper of the 353rd Judicial District Court, in Austin, Texas, ordered a temporary restraining order and a temporary receiver appointed against Lannie Blake Lown, One West Financial Services and others in connection with an alleged metals trading Ponzi-Scheme being operated in Houston. The allegations in the Petition included the purchase of approximately 28 automobiles and over $1 million in jewelry with investor funds. Investor funds are also alleged to have been used to acquire 5 homes and for credit card expenses, art, furniture and jet charters. Additionally, new investor funds are alleged to have been used to pay fictitious profits to prior investors, known as a "Ponzi Scheme. "