Plano Firm Allegedly Committed Fraud
Last year Frisco money manager Thomas Lester Irby II, who ran Titan Wealth Management LLC out of Plano, TX, was convicted of money laundering and is now serving a 24 year prison sentence, according to a news release by the State of Texas Securities Board. Now, Karen P. Bowie has been indicted on June 9, 2011 for allegedly being a part of the fraud.
Mr. Irby’s fraud was related to the sale of non-existent high yielding “European Mid-Term Notes,” that were supposedly issued by European banks. Ms. Bowie’s part of the fraud revolved around her illegal solicitation of $4.7 million from investors at Titan Wealth Management. According to a 2009 Securities and Exchange Commission (SEC) lawsuit, Ms. Bowie, who is a Canadian citizen, got at least $700,000 of the investor funds for no apparent consideration and then used the money to buy a house in Maine.