A Westerville investment advisor has been sentenced to four years in prison for stealing from the retirement accounts of clients. Jim Letizia reports.
Federal prosecutors say 60-year-old Douglas Cowgill must also make 841 thousand dollars restitution and serve three years of supervised release once he has completed his prison sentence. Cowgill stole the money from 300 clients to balance the books of his company - Professional Investment Management - pay various personal obligations, and transfer money to the non-profit Northwest Swim Club, for which he served as treasurer. Most of the victims had their money in one of 15 retirement plans that were qualified under the Employee Retirement Income Security Act of 1974. Prosecutors also say in 2014, Cowgill lied under oath to Securities and Exchange Commission investigators looking at possible violations of federal securities laws in connection with his firm.
