Former Trustee Sentenced To 25 Years And Ordered To Pay Restitution For Stealing $1.5 Million

(SHELBY COUNTY D.A. NEWS RELEASE) - March 31, 2017 – A 62-year-old East Memphis man who admitted systematically stealing more than $1.5 million from a client’s trust fund has pled guilty in Criminal Court to felony theft of property, said Shelby County Dist. Atty. Gen. Amy Weirich.

Oliver P. Cobb III, who owned a fiduciary services company, pled guilty to theft over $250,000 and was given a 25-year sentence and ordered to make restitution. He was taken into custody to serve one year in custody at the Shelby County Penal Farm.

He then will be released to serve the rest of his sentence in Community Corrections, a program designed to reduce prison crowding, and to allow offenders to live at home and to earn money to support their families and make restitution to victims.

An investigation showed that between 2000 and 2012, Cobb, while acting as trustee for a client’s trust, systematically stole hundreds of thousands of dollars from the trust which he spent on himself and on members of his family.

He was replaced as trustee in November of 2012. The new trustee discovered the missing funds and successfully sued Cobb in Probate Court.

In Criminal Court, Cobb was ordered to make restitution of $1.06 million at a rate of at least $300 per month upon release from prison. Just over $482,000 from the trust was recovered.

The case was handled by Asst. Dist. Atty. Byron Winsett, chief prosecutor of the DA’s Public Corruption & Economic Crime Unit which is responsible for cases involving money laundering, and fraud and theft from governmental agencies, non-profit organizations and businesses.    

 

 


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