Pittsburgh investment manager pleads guilty to $3.7M wire fraud

PITTSBURGH — A Pittsburgh investment manager pleaded guilty in federal court to a wire fraud charge.

Thomas Pipich Jr., 74, pleaded guilty in connection with alleged conduct between May 2017 and August 2023, the Department of Justice says.

According to prosecutors, Pipich transferred more than $3.7 million from the bank account of a fund that he managed to another client’s account. He allegedly did so to backfill investment losses.

Pipich lied to the victim fund’s members, including saying the funds were part of a secured loan, the DOJ says.

Pipich allegedly paid himself and his wife more than $800,000 from the funds.

Sentencing is scheduled for May 12. Pipich could face up to 20 years in prison and/or a fine of $250,000 or twice Pipich’s gain from the offense, whichever is greater, the DOJ says.

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