Pittsburgh financial advisor sentenced for defrauding investment client

PITTSBURGH — A financial advisor from Pittsburgh was sentenced in federal court for defrauding an investment client.

Thomas Pipich Jr., 74, pleaded guilty to wire fraud back in January. On Thursday, he was sentenced to 27 months in prison and ordered to pay more than $4.7 million in restitution.

According to prosecutors, Pipich stole millions of dollars from an investment client to conceal losses incurred on behalf of another client.

Specifically, prosecutors say Pipich created a sham loan between his investment fund, BarTom Investments, LLC, and another investment client. He transferred more than $3 million from the client to BarTom and told a series of lies about the purported loan.

Pipich paid himself more than $800,000 from the proceeds of the fake loan and lost at least $2.6 million through other investment losses.

The FBI was the lead investigative agency into Pipich.

“Fraud schemes like this one directly jeopardize the savings, retirement plans, and financial security victims spent decades building. The harm from this is absolutely life changing,” said FBI Pittsburgh special agent in charge Richard Evanchec. “The FBI and our partners will follow every dollar to find anyone who thinks they can manipulate investor confidence to pad their own bank account. Today’s sentencing sends a clear message that you will be held accountable.”

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