Pittsburgh Investment Manager Pleads Guilty to $3.7 Million Wire Fraud

PITTSBURGH, Pa. - A resident of Pittsburgh, Pennsylvania, pleaded guilty in federal court to a charge of wire fraud, First Assistant United States Attorney Troy Rivetti announced today.

Thomas Pipich Jr., 74, pleaded guilty to one count before United States District Judge Marilyn J. Horan.

In connection with the guilty plea, the Court was advised that, between May of 2017 and August of 2023, Pipich transferred more than $3.7 million from the bank account of a fund for which he managed investments to another client’s account in order to backfill investment losses. Pipich told the victim fund’s members a series of lies about the transfers, including that the funds were part of a secured loan when in fact there was no collateralized loan. Pipich paid himself and his wife more than $800,000 from the funds.

Judge Horan scheduled sentencing for May 12, 2026. The law provides for a maximum total sentence of up to 20 years in prison, a fine of up to $250,000 or twice Pipich’s gain from the offense, whichever is greater, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.

Assistant United States Attorney William Guappone is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation conducted the investigation that led to the prosecution of Pipich.