North Carolina Businessman Pleads Guilty to Misappropriating Approximately $2.9 Million in Funds from NFL Players

A North Carolina businessman has been brought to justice after pleading guilty to wire fraud and filing a false income tax return. Michael Rowan, 46, a resident of High Point, North Carolina, operated Capital Management Wealth Advisors Inc. (CMG) and APS Management LLC (APS), providing financial and investment services to professional athletes, including players in the National Football League (NFL).

According to court documents, from May 2008 through August 2014, Rowan misappropriated approximately $2.9 million from his clients’ bank accounts. The funds were converted for his own personal benefit without his clients’ authorization or knowledge.

Rowan’s scheme involved contacting prospective NFL players in college to offer them financial and wealth management services. He would then enter into a verbal agreement with the player to provide financial services for an annual fee of between $15,000 and $50,000. However, Rowan used his access to his clients’ bank accounts to transfer the funds for his own benefit.

For 2009 through 2013, Rowan failed to report the misappropriated funds on his federal income tax returns, concealing over $1.4 million in embezzled funds. This further highlights the extent of his deceit and financial misconduct.

Rowan faces a statutory maximum sentence of 20 years in prison for the wire fraud count and three years in prison for the false tax return count, as well as a period of supervised release and monetary penalties. Sentencing is scheduled for January 31, 2017.

The investigation was conducted by special agents of Internal Revenue Service-Criminal Investigation and U.S. Postal Inspection Service, with Assistant U.S. Attorney Frank Chut and Trial Attorney Mara Strier of the Tax Division prosecuting the case.

Principal Deputy Assistant Attorney General Caroline D. Ciraolo and U.S. Attorney Ripley Rand commended the agencies involved in the investigation, highlighting the importance of their work in bringing financial misconduct to justice.

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