Investment Executive Pleads Guilty To $1 Million Wire Fraud
A man accused of using his investment company to defraud a customer out of $1 million pleaded guilty Friday to wire fraud.
Michael Columbia, 27, entered his guilty plea in federal court in Fayetteville, opening him up to a possible 20-year prison sentence, along with a possible $1 million in fines, according to the U.S. Attorney’s Office For The Western District Of Arkansas.
Columbia was indicted in August on suspicion of wire fraud and executing a scheme to obtain money through fraudulent misrepresentation. Police said Columbia used his investment company to steal $1 million from a Northwest Arkansas customer by selling the customer’s bond without his knowledge.
Columbia pleaded not guilty to the charges at his Oct. 16 arraignment.