URGENT UPDATE: A Santa Clarita man has just pleaded guilty to embezzling over $1 million from the Claremont Colleges Services, raising serious concerns about financial oversight at the prestigious educational institutions. Steven Cowles, 45, entered his plea today in Los Angeles federal court, facing a potential sentence of up to 20 years in prison.
Cowles, who served as the electrical shop supervisor, was responsible for ordering parts and maintaining electrical components for the colleges. Authorities reveal that from June 2018 to July 2024, he executed at least 1,343 unauthorized transactions using employer-provided purchasing cards, diverting funds for personal use.
According to court documents, Cowles concealed his fraudulent activities by submitting false invoices and manipulating purchasing records to appear as legitimate expenses. He even linked his employer’s purchasing cards to his personal PayPal account, funneling money to third parties.
The Claremont Colleges Services supports seven colleges, including Pomona College and Harvey Mudd College. This scandal threatens to undermine trust in their financial practices and raises alarms about internal controls.
U.S. District Judge Maame Frimpong has scheduled a sentencing hearing for April 22, 2024, where Cowles will learn his fate. The ramifications of this case extend beyond Cowles, impacting students and staff alike as the institutions reassess their financial safeguards.
As this story develops, experts urge organizations to tighten their financial protocols to prevent similar incidents. The Claremont Colleges face a daunting task of restoring confidence among students and faculty after this shocking revelation.
Stay tuned for more updates on this unfolding story.
