Convicted of first-degree murder on January 29, 2025, in Raleigh County Circuit Court, she was handed a life sentence without the possibility of parole. A forthcoming “20/20” episode titled “Small Town, Big Con,” set to air on Friday, February 14, at 9 p.m. ET with streaming available on Hulu the following day, delves into the case of Michael Cochran’s murder.
The saga commenced when the Cochrans established Tactical Solutions Group (TSG) in 2017, aiming to secure contracts for selling weaponry and other items to the U.S. government. Natalie left her pharmacist job to devote herself entirely to the family enterprise, owning the majority share while Michael possessed the minority stake.
Natalie canvassed acquaintances and relatives to invest in the venture, persuading some to make significant monetary contributions enticed by the promise of substantial profits from lucrative government deals. She mentioned to friends that the business model drew inspiration from the 2016 dark comedy film “War Dogs,” featuring Jonah Hill and Miles Teller as individuals navigating the defense industry despite lacking experience.
An investor, Toni McCall, recollected Natalie’s intention to have all employees watch “War Dogs” as part of their initiation, contrasting it with the characters’ eventual imprisonment. Little did McCall know her remark would foreshadow events to come.
Outwardly, Natalie and Michael’s business appeared to be thriving, prompting observers to note a rapid transformation in their lifestyle. The couple accumulated assets including multiple properties, various vehicles like motorcycles and a vintage car, and embarked on lavish vacations to destinations like Paris and Hawaii. Their loan application to a local bank claimed business assets surpassing $500 million, receiving accolades from Michael’s mother, Donna Bolt, who expressed pride in their accomplishments.
However, suspicions surfaced following an investigation into missing funds from a local middle school baseball league, where Natalie served as treasurer overseeing the accounts. Concerns arose when most of the raised $15,000 vanished, prompting the league committee to engage private investigator James Quesenberry to trace the funds. Quesenberry uncovered expenditures at establishments like TJ Maxx and Olive Garden, totaling $32,000 in a single evening, raising doubts about the missing funds.
As only Natalie had access to the accounts, league members who also invested in the government contracting business grew wary. Upon questioning Natalie about the delayed returns promised to investors, she offered a range of justifications.
The Cochran business turned out to be a deceptive scheme, with no government contracts or legitimate operations. It was discovered to be a Ponzi scheme, where early investors were paid with money from new investors. The model seemed to involve defrauding friends and family who had known Natalie and Michael for years. Michael, who was unaware of Natalie’s scamming activities, believed in the company’s government contracts and funds due. Tragedy struck when Michael fell ill and passed away, leaving Natalie to continue running the business. She later attempted to sell part of the company for millions but was arrested after investors reported being unable to recover their investments. Natalie was charged with fraud, pleaded not guilty, but eventually admitted to unlawful monetary transactions and wire fraud. She was sentenced to 11 years in federal prison and ordered to repay the $2.5 million she had stolen from investors.
The purported financial misconduct associated with the little league was not pursued further, and authorities opted not to press charges against her in connection with the little league. Following the resolution of the federal case against TSG, a state inquiry into Michael’s mysterious death gained momentum. Initially, detectives presumed Michael’s passing to be due to natural causes. However, during a search warrant executed in the fraud probe at the Cochran residence, a vial of insulin was unexpectedly discovered in the refrigerator. This discovery prompted detectives to delve deeper into Michael’s demise. Subsequently, a judge authorized the exhumation of his remains for examination and analysis. In November 2021, merely six months into her incarceration, Natalie was indicted on charges of first-degree murder. During her trial, state prosecutors contended that Natalie administered insulin to Michael, a diabetes medication that can result in life-threatening complications if misused. Prosecutors posited, and investigators testified, that Natalie killed Michael to prevent her Ponzi scheme from being exposed during a scheduled bank meeting on the day Michael fell ill. They maintained that Michael was uninvolved in the Ponzi scheme and believed their business operations to be legitimate. Conversely, Natalie’s defense counsel argued that while she may have profited millions from the Ponzi scheme, she was not responsible for Michael’s death. They asserted that Michael was in poor health and used insulin as part of his bodybuilding regimen. Natalie’s legal team expressed her intention to appeal the conviction. The question posed is: How far would a wife go to safeguard a $2 million Ponzi scheme? This narrative originally appeared on abcnews.go.com.
