This story first appeared on Cowboy State Daily
A former chief financial officer for Wyoming Catholic College is accused in a federal lawsuit of running an elaborate scheme to defraud a New York asset management firm of $15 million.
Paul McCown is accused in a lawsuit filed in U.S. District court of falsifying financial documents and even posing as a bank official to convince Ria R Squared to loan him $15 million.
The lawsuit filed in late June said that within “hours or minutes” of McCown receiving the loan, he transferred most of the loan proceeds to other people — including relatives, associates and Wyoming Catholic College itself, which received an anonymous $10 million contribution through McCown’s actions.
“This is the story of a complex, calculated, methodical and fraudulent scheme, orchestrated by an individual holding a trusted and respected position with the Wyoming Catholic College, to defraud R Squared out of the sum of $15 million,” the lawsuit said.
WCC, in a statement Wednesday, said it was in the process of returning the money.
Wyoming Catholic College was not named as a defendant in the lawsuit and no claim was made that the college was involved in the scheme.
In the statement, WCC said McCown was placed on indefinite administrative leave on June 5 because of personal financial irregularities and resigned on June 25.
“Over the past month, to experience such a profound breach of trust by a leader of our…