BREAKING: A Santa Clarita man has just pleaded guilty to embezzling over $1 million from The Claremont Colleges Services, raising alarms about financial security in educational institutions. Steven Cowles, 45, entered his plea today in federal court in Los Angeles for one count of wire fraud, with serious implications for his future.
Court documents reveal that Cowles, who served as an electrical shop supervisor, misappropriated funds from June 2018 to July 2024. He executed a staggering 1,343 unauthorized transactions using employer-issued purchasing cards to cover personal expenses unrelated to his work. This alarming case highlights a significant breach of trust at an institution that supports seven prestigious colleges, including Pomona College and Harvey Mudd College.
According to the U.S. Attorney’s Office, Cowles concealed his fraudulent activities by submitting false invoices and creating the appearance of legitimate purchases. He even linked his employer-provided purchasing cards to a personal PayPal account, facilitating transfers to third parties. This elaborate scheme raises serious questions about internal controls and oversight within the organization.
The repercussions of Cowles’ actions are profound. U.S. District Judge Maame Frimpong has scheduled a sentencing hearing for April 22, where Cowles could face up to 20 years in federal prison. This case serves as a stark reminder of the potential vulnerabilities organizations face in safeguarding their assets.
As this story develops, it is crucial for institutions to reassess their financial security measures to prevent similar incidents. The Claremont Colleges Services, which plays a vital role in supporting educational excellence, must now navigate the fallout from this significant breach.
Stay tuned for updates as we follow the consequences of this urgent case and its impact on the community.
