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Traverse City area man sentenced to federal prison for wire fraud

GRAND RAPIDS (WKZO) -- Five years in federal prison await a 57-year-old Traverse City-area man for stealing roughly 1.6-million dollars from his insurance clients from 2001 to 2009.

William Lowder was sentenced in federal court in Grand Rapids Wednesday for wire fraud.  Prosecutors say many of his victims were elderly, and he convinced them to liquidate existing investments and re-invest the money with him.

Lowder instead kept the cash for himself and then would give fake bank statements.

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