Related Federal Cases
Defendant Sentenced to 48 Months for Defrauding Clients
COLUMBUS, Ohio – Douglas E. Cowgill, 60, of Westerville, Ohio, has been sentenced to 48 months in prison for his role in a scheme to defraud clients at his financial management company, Professional Investment Management (PIM), Inc., in Columbus.
Between July 2013 and August 2014, Cowgill, who was the president and sole owner of PIM, used his positions to defraud investors and use their funds for his own use. During that time, he misappropriated approximately $840,575, which he manually altered in company software and wired to an account for his own use.
Cowgill used the misappropriated funds to pay various personal obligations, including depositing money into his own bank accounts, those of his wife, and the Northwest Swim Club, a non-profit swim club in Columbus where he served as treasurer. The scheme harmed at least 125 victims, most of whom had their money in one of approximately 15 retirement plans.
Cowgill also pleaded guilty to perjury for lying under oath during a deposition with the Securities and Exchange Commission (SEC) in January 2014. He failed to disclose his control of over five bank accounts associated with the Northwest Swim Club, which had received a substantial portion of the funds misappropriated by him.
U.S. District Judge Michael H. Watson sentenced Cowgill to 48 months in prison and three years of supervised release, as well as ordered him to pay approximately $841,000 in restitution. The sentence was announced by U.S. Attorney Carter M. Stewart, along with various law enforcement officials who commended the cooperative investigation by the FBI, the U.S. Department of Labor’s Office of the Inspector General, and the U.S. Department of Labor’s Employee Benefits Security Administration.
The case was prosecuted by Assistant U.S. Attorney Peter Glenn-Applegate, with the assistance of the SEC. Cowgill pleaded guilty to wire fraud, theft or embezzlement from employee benefit plans, and perjury in November 2015.
Cowgill’s scheme was particularly egregious, as he used his positions of trust to defraud vulnerable individuals, including retirees who had entrusted their savings to him. The sentence serves as a reminder that those who engage in such behavior will be held accountable for their actions.
Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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