Former employee pleads guilty to embezzling $1 million from Claremont Colleges
A Santa Clarita man pleaded guilty to embezzling a little more than $1 million from The Claremont Colleges Services on Wednesday.
The Department of Justice said Steven Anthony Cowles, 45, pleaded guilty to one count of wire fraud, which carries a maximum sentence of 20 years in federal prison. His sentencing hearing is scheduled for April 22.
Federal prosecutors said Cowles worked as an electrical shop supervisor for The Claremont College Services, an organization that supports the nearby colleges. Between August 2015 to July 2024, Cowles maintained electrical components across seven college campuses in the area.
The Justice Department said that from June 2018 to July 2024, Cowles used his company card to make $1 million in fraudulent purchases. Prosecutors claimed he created false invoices showing legitimate purchases of electrical products to cover his tracks. Investigators also found that Cowles linked his company card to his personal PayPal account and transferred funds to third parties.
Claremont Colleges said in a statement that their insurance covered the losses from Cowles' purchases.
"TCCS has implemented a series of enhanced financial controls in response to the incident," Claremont Colleges wrote in a statement. "These include revised purchasing policies, strengthened oversight and reporting procedures, mandatory training, and new system safeguards."
The Claremont Colleges consist of Pomona College, Claremont Graduate University, Scripps College, Claremont McKenna College, Harvey Mudd College, Pitzer College, and Keck Graduate Institute.
