A Pittsburgh man has pleaded guilty to wire fraud involving more than $3.7 million, according to an announcement from First Assistant United States Attorney Troy Rivetti.
Thomas Pipich Jr., age 74, admitted guilt before United States District Judge Marilyn J. Horan to one count of wire fraud. According to court information presented during the plea hearing, between May 2017 and August 2023, Pipich moved over $3.7 million from a fund whose investments he managed into another client’s account in order to cover up investment losses. He then misled members of the victim fund by telling them the transfers were part of a secured loan, despite there being no collateral for such a loan. During this period, Pipich also paid himself and his wife more than $800,000 from these funds.
Judge Horan has set sentencing for May 12, 2026. The maximum possible sentence under federal law is up to 20 years in prison and a fine of either $250,000 or twice the gain from the offense—whichever is higher—or both penalties may be applied. The final sentence will depend on factors including the seriousness of the crime and any prior criminal record.
Assistant United States Attorney William Guappone is leading the prosecution for this case.
The Federal Bureau of Investigation was responsible for conducting the investigation that resulted in Pipich’s prosecution.
