Monday, May 24, 2010
Former North Carolina Banker Charged In Fraudulent Invoice Scheme That Bilked Wachovia Out Of $11.2 Million Over 9 Years
Read the story here and here.
Hat tip: Reader Joe.
Update (6.17.10): Welch pleaded guilty to mail fraud and tax evasion charges yesterday.
Update (7/5/11): Welch, now 48, was sentenced to 70 months in prison and ordered to pay $12.9 million in restitution. Cousar was sentenced to nearly 3 years in prison for his part in the scheme.