MEMPHIS, TN (WMC) - An East Memphis man pleaded guilty Friday to stealing more than $1.5 million from a client's trust fund.
Oliver P. Cobb III, was sentenced to 25 years and ordered to make restitution of $1.6 million at a rate of at least $300 per month once he is released from prison. He was taken into custody to serve one year at Shelby County Penal Farm.
An estimated $482,000 in missing funds was recovered.
Cobb owned a fiduciary services company. Between 2000 and 2012, while acting as trustee for a client, he stole hundreds of thousands of dollars and spent it on himself and family members.
The funds were discovered missing when a new trustee was appointed in November 2012.