Ex-Wachovia employee charged with bilking bank for $11 million
May 21, 2010
Total Loss:
$11.2 Million
Federal prosecutors filed charges today against a former Wachovia vice president, who is accused of using false invoices to bill the bank for millions of dollars worth of home renovations, jet skis, jewelry and other goods for himself .
The U.S. Attorney's Office accused Mooresville resident Terry Scott Welch, 47, of masterminding the "false invoice scheme†from about 2000 to late 2008, running up $11.2 million worth of false bills for his employer.
Source:
Charlotte Observer
Posted in:
Internal Fraud