Thomas Pipich Jr., Wire Fraud, Pennsylvania 2023

Pittsburgh Investment Manager Pleads Guilty to $3.7 Million Wire Fraud

A Pittsburgh, Pennsylvania resident has pleaded guilty to a charge of wire fraud, announced First Assistant United States Attorney Troy Rivetti today.

Thomas Pipich Jr., 74, pleaded guilty to one count of wire fraud before United States District Judge Marilyn J. Horan.

According to the guilty plea, between May of 2017 and August of 2023, Pipich transferred more than $3.7 million from the bank account of a fund for which he managed investments to another client’s account in order to backfill investment losses.

Pipich told the victim fund’s members a series of lies about the transfers, including that the funds were part of a secured loan when in fact there was no collateralized loan. Pipich paid himself and his wife more than $800,000 from the funds.

Judge Horan scheduled sentencing for May 12, 2026. The law provides for a maximum total sentence of up to 20 years in prison, a fine of up to $250,000 or twice Pipich’s gain from the offense, whichever is greater, or both.

Assistant United States Attorney William Guappone is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation conducted the investigation that led to the prosecution of Pipich.

Defendant: Thomas Pipich Jr.

Criminal Charges: Wire Fraud

City and State: Pittsburgh, Pennsylvania

Sentencing Date: May 12, 2026

Sentence: Up to 20 years in prison and/or fine of up to $250,000 or twice Pipich’s gain.

Dollar Amount: $3.7 million transferred, $800,000 paid to Pipich and his wife.

Source: https://www.justice.gov/usao-wdpa/pr/pittsburgh-investment-manager-pleads-guilty-37-million-wire-fraud