GREENSBORO, N.C. — Federal officials say a High Point businessman who provided financial services to professional athletes pleaded guilty to wire fraud and filing a false 2011 income tax return for misappropriating almost $3 million from clients.
Officials with the U.S. Justice Department said in a news release Monday that 46-year-old Michael Rowan provided financial and investment services to professional athletes, including players in the National Football League through two companies.
From May 2008 through August 2014, they say Rowan misappropriated almost $3 million from his clients' accounts. They say he didn't report the misappropriated funds on federal income tax returns.
Sentencing is scheduled for January. Officials say Rowan faces a maximum sentence of 20 years in prison for wire fraud and three years in prison for filing a false tax return.
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Associated Press
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