CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Local

Woman Sentenced To 80 Years In Plano Ponzi Scheme

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

625x352 thrill eng preview Woman Sentenced To 80 Years In Plano Ponzi SchemeWin A Trip To Disneyland!

82641739 10 Woman Sentenced To 80 Years In Plano Ponzi SchemeHottest Sunbathers Of The Summer

jennifer lopez 770 Woman Sentenced To 80 Years In Plano Ponzi SchemeJennifer Lopez's Bathtub Selfie

 alt=The New Wonder Woman

 alt=Musicians Then And Now

Fantasy_tile

VOTE: Best Coaches In American Sports

Plano_Ponzi

Karen P. Bowie (Credit: Collin County DA)

McKINNEY (CBSDFW.COM) - A 61-year-old woman living in Maine was sentenced to 80 years in prison for operating a Ponzi scheme through a wealth management firm in Plano.

Karen P. Bowie, 61, was a partner in Titan Wealth management LLC of Plano. The Collin County District Attorney says she was part of a “scheme selling fictitious high-yielding ‘European Mid- Term Notes’ that were represented to have been issued by European Banks.”

Bowie stole at least $4.7 million from investors in Titan Wealth and used a portion of the money to purchase a coastal home in Maine.

Thomas Lester Irby II, a Frisco-based money manager, was the primary owner of the firm. According to prosecutors, he promised investors short-term returns of between 10 and 50 percent on the notes. Instead, investor funds were used to pay his personal expenses and were diverted to pay earlier investors.

Bowie avoided direct contact with investors, but encouraged Irby to make false statements to their clients.

Irby was sentenced to 24 years in prison in December 2012 on a charge of money laundering. Bowie was convicted of theft over $200,000, a first degree felony.

Titan Wealth was shut down by the Securities and Exchange Commission in 2009.

Also Check Out:

View Comments