Former CFO of Wyoming Catholic College Charged With Fraud
In late June of this year, a lawsuit had been filed in federal court which alleges that the former chief financial officer at Wyoming Catholic College (WCC), Paul McCown, had defrauded an insurance firm out of $15 million.
The suit was filed by New York-based advisory firm Ria R Squared.
In a statement from WCC, they state that, though they had been made aware of personal financial irregularities surrounding McCown on June 3 and had put him on indefinite administrative leave, the lawsuit had been filed without their knowledge, which resulted in McCown's resignation on June 25.
There is another WCC employee who was named in the suit, and he has also been put on administrative leave.
WCC is currently cooperating with parties involved in the civil suit, and they state that the funds are in the process of being returned to the firm.
The college states that "to experience such a profound breach of trust by a leader of our institution has been both embarrassing and painful for Wyoming Catholic College. However, an initial internal review by the College found no additional financial irregularities, and Wyoming Catholic College has neither been sued nor is a defendant to the suit."