The SEC charged First Capital Savings & Loan CEO Jeffery Lowrance with running a forex Ponzi scheme.  Lowrance allegedly scammed hundreds of investors with false promises of high fixed-rate returns from a specialized forex trading program.  He also targeted his investors by claiming to share their Christian values and political views. He solicited investors through, among other things, ads in his start-up newspaper USA Tomorrow, which he distributed at a 9/2/08 political rally in Minneapolis, MN. All told, Lowrance allegedly raised around $21 million from investors in at least 26 states on promises of a "predictable monthly income," with monthly returns ranging up to 7.15%.  Some investors were told their investments were guaranteed and were given bogus letters of credit.  Lowrance also published a fictitious spreadsheet showing First Capital's multi-year history of profitable trading. However, First Capital did little forex trading and, what little trading it did resulted in losses.  Lowrance, it seems, was using investor money to fund an alternative newspaper start-up.  The scheme began to unravel in June 2008 and, by September 2008, Lowrance and First Capital had lost all of the investors’ money. Nevertheless, Lowrance managed to solicit an additional $1 million or so from at least 36 investors between June 2008 and February 2009.  The SEC seeks to fine First Capital and Lowrance and disgorge them of their illicit gains.  [SEC PR 11-147, 7/15/11]