HIGH POINT, NC – Michael Rowan, 46, is headed to federal prison after being sentenced to 65 months for a brazen scheme that stole approximately $2.9 million from NFL players. Rowan, who operated Capital Management Wealth Advisors Inc. (CMG) and APS Management LLC (APS), systematically abused the trust placed in him by professional athletes, funneling their money into his own pockets.
Rowan targeted NFL prospects *while they were still in college*, promising financial guidance, bill payment, and investment services. Once drafted, players signed agreements giving Rowan access to their bank accounts, lured by the promise of expert management for an annual fee ranging from $15,000 to $50,000. But instead of acting as a fiduciary, Rowan treated those accounts like his personal slush fund.
Federal prosecutors detailed how Rowan transferred over $2.9 million to accounts he controlled, all without the knowledge or consent of his clients. The scheme wasn’t just about greed, either. From 2009 through 2013, Rowan deliberately failed to report more than $1.4 million of the stolen funds on his tax returns, stiffing the IRS out of over $479,000.
“Michael Rowan betrayed his NFL football player clients by abusing the trust they placed in him as their financial advisor,” stated Acting Deputy Assistant Attorney General Stuart M. Goldberg. “He diverted millions of their money to his personal benefit and then cheated the IRS by failing to pay $479,000 in taxes he owed on his illegal income.” Chief Richard Weber of IRS-Criminal Investigation (CI) bluntly called Rowan’s offer of services “financial fraud,” highlighting his exploitation of players’ financial naivety.
The sentence handed down today isn’t just about prison time. Rowan was also ordered to serve a year of supervised release and pay restitution totaling over $3.4 million – $2,960,295 to the victimized NFL players and $479,352 to the IRS. He initially pleaded guilty to wire fraud and filing a false tax return back in October 2016, but the wheels of justice turned slowly in this case.
The investigation was a joint effort by special agents of IRS–CI and the U.S. Postal Inspection Service. Assistant U.S. Attorney Frank Chut and Trial Attorney Mara Strier of the Tax Division secured the conviction and sentencing. Rowan’s case serves as a stark reminder that those who prey on athletes – and attempt to cheat the government – will eventually face the consequences.”
Related Federal Cases
- NFL Players’ Fund Scammer Busted · North Carolina
- Greensboro Tax Man Flythe Gets 18 Months for Fraud · North Carolina
- Roach Gets 7+ Years for Identity Theft & Bank Fraud · North Carolina
- Whitakers Farmer Gets Six Months for Tobacco Cover-Up · North Carolina
- Pineville Man Gets 51 Months for $250K Credit Card Scam · North Carolina
Key Facts
- State: North Carolina
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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