Jan 30
2006

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.