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Columbus Man Pleads Guilty to Wire Fraud, Embezzlement
COLUMBUS, Ohio – Douglas E. Cowgill, 60, of Westerville, Ohio, pleaded guilty in U.S. District Court to wire fraud, theft or embezzlement from employee benefit plans, and perjury.
Cowgill used his positions at Professional Investment Management (PIM), Inc. in Columbus to defraud investors and use their funds for his own use. From March 2008 through October 2013, he misappropriated approximately $840,575.
Cowgill manually altered account balances in company software and wired the misappropriated funds to an account for his own use. He paid various personal obligations with the money, depositing the money into his bank accounts, bank accounts of his wife, and bank accounts of the Northwest Swim Club, a non-profit swim club in Columbus for which he served as the treasurer.
PIM had the funds of approximately 300 individual clients under management, and Cowgill’s fraudulent scheme harmed at least 125 victims. Most of the victims had their money in one of approximately 15 retirement plans.
Cowgill also lied under oath before officers of the Securities and Exchange Commission (SEC) while the SEC was conducting an investigation to determine whether there had been violations of federal securities laws in connection with PIM.
Cowgill faces a maximum sentence of 20 years in prison for wire fraud. Theft or embezzlement from employee benefit plans and perjury are each crimes punishable by up to five years in prison.
U.S. Attorney Carter M. Stewart commended the cooperative investigation by the FBI and the U.S. Department of Labor – Office of the Inspector General and U.S. Department of Labor – Employee Benefits Security Administration, as well as Assistant United States Attorney Peter Glenn-Applegate, who is representing the United States in this case.
Cowgill’s plea was entered into today before U.S. District Judge Michael H. Watson. The crime occurred from July 2013 through August 2014.
The exact date of the plea is not specified in the source, implying the plea was entered in 2014, however, it should be noted that Cowgill’s actual sentencing date and outcome are unknown based on the provided information.
Cowgill is expected to be sentenced at a later date, the exact date is not specified in the source.
Key Facts
- State: Ohio
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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