HuffPo informs us that a former Wachovia Bank vice president will spend nearly six years in federal prison and have to pay roughly $13 million after being sentenced for his role in an embezzlement scam that defrauded the bank of millions.
U.S. District Court Judge Max Cogburn sentenced Scott Welch, 48, to 70 months in prison during court proceedings in Charlotte Thursday. Welch will also have to pay $11.2 million in restitution to Wachovia, and $1.7 million to the IRS. The government also seized a number of his assets, including his lakeside house in Mooresville.
A co-defendant, John Cousar Jr., was also sentenced Thursday. The 48-year-old retired Charlotte firefighter was sentenced to 33 months in prison, and is required to pay Wachovia more than $5.9 million, along with $1.1 million to the IRS.
Both men pleaded guilty last year to mail fraud conspiracy and tax charges. Welch, who served as vice president of utility services at the Wachovia Distribution Utility Center in Charlotte from 2000 through 2008, oversaw the handling of invoices submitted by vendors who provided goods and services to the bank….
There's more where that came from. Find it at http://www.huffingtonpost.com/2011/07/02/wachovia-prison-executive-billing-scam_n_889219.html
No comments:
Post a Comment