Richard August Lowrance, Sr.

Richard August Lowrance, Sr. of Portland, Texas, plead nolo contendere on January 30, 2006 in the 319th Judicial District Court in Nueces County, Texas, Cause No.'s 05-CR-4142-G, and 06-CR-0404-G, to violations of the registration requirements of the Texas Securities Act. Lowrance was sentenced to 10 years probation and ordered to pay restitution to victims in the amount of $121,280. Lowrance was a sales agent for Premium Income Corp., a Seattle-based company that offered purported investments in the foreign currency markets primarily to senior citizens. The scheme collected approximately $12 million from investors.