UPDATE: A Santa Clarita man has just pleaded guilty to embezzling over $1 million from his employer, The Claremont Colleges Services, where he served as an electrical shop supervisor. Steven Cowles, aged 45, entered his plea in a downtown Los Angeles federal court earlier today.
Cowles confessed to committing wire fraud during his employment, admitting that between June 2018 and July 2024, he misappropriated funds through at least 1,343 unauthorized transactions. These transactions involved using employer-provided purchasing cards for personal expenses unrelated to college operations.
According to court documents, Cowles created false invoices to mask his fraudulent activities, making it appear he was purchasing necessary electrical components. He even linked his employer’s purchasing cards to his personal PayPal account, facilitating illicit transfers to third parties, the U.S. Attorney’s Office reported.
The Claremont Colleges Services supports seven institutions, including Pomona College and Harvey Mudd College. This shocking breach has raised significant concerns about financial oversight within educational institutions.
A sentencing hearing has been scheduled for April 22, where Cowles could face up to 20 years in federal prison. U.S. District Judge Maame Frimpong will preside over the proceedings, and prosecutors are expected to pursue the maximum penalty under federal law.
This case highlights the urgent need for improved financial controls in organizations handling large sums of money. More updates are anticipated as the case progresses, and the educational community watches closely to see the repercussions of this significant breach of trust.
Stay tuned for further developments as the situation unfolds.
