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Partner in Plano-based investment scheme sentenced to 80 years
Staff Reports
Maine resident Karen Bowie received an 80-year sentence Friday for her role in an investment scheme run through Titan Wealth Management LLC of Plano, according to the Collin County District Attorney's office.
The 61-year-old was a partner in the company and part of a Ponzi scheme selling fictitious, high-yielding “European Mid-Term Notes” represented as being issued by European Banks. She stole at least $4.7 million from investors in Titan Wealth and used some of that money to buy a coastal home in Maine, the DA's office said.
Titan Wealth was primarily owned by Bowie’s partner, Thomas Lester Irby II, a Frisco money manager who promised investors that notes issued by European banks would pay short-term returns of between 10-50 percent. Most of the money Irby raised from investors paid for his personal expenses and was diverted to pay earlier investors.
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| Karen Bowie |
Irby was sentenced in December 2010 to 24 years in state prison after his conviction on a charge of money laundering. The Securities and Exchange Commission shut down Titan Wealth in 2009 through a separate civil action.
Bowie was convicted of theft over $200,000, a first-degree felony.
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