Wachovia Employee Stole Millions for Home Renovations

flip_it_fast · #1 05-21-2010, 04:24 PM

Oh my, this guy is in some hot water for sure. Ex-Wachovia vice president, Terry Scott Welch has been accused of falsifying invoices in order to bill the bank for home renovations, jet skis, jewelry and more to the tune of $11 million dollars!

Welch had been falsifying invoices from the year 2000 into late 2008.

He was the mastermind but he was not alone.

Two others have entered guilty pleas along with Welch.

Quote:

John Cousar Jr., a firefighter from Albemarle, and Delmar Dove, who worked for Callaway Farms in Charlotte, were also charged.

Welch, Cousar and Dove all entered plea agreements on Tuesday, which indicates they expect to plead guilty to at least some of the charges. Their hearings are scheduled for June 16, 15 minutes apart.

No one has said how this scheme was finally brought to light but it ended just after it was announced that the bank would be bought by Wells Fargo.

Read more details here

homealone · #2 05-21-2010, 06:04 PM

Looks like that these three were living the high life for 8 years and now will probably end up behind bars living the exact opposite that they have become accustomed to.

Makes you wonder how these people get away with things like this for so long without being caught. To bad you cant force these people to have to pay back the money themselves. Then they may actually learn their lessons, but of course that will never happen.

troubles74 · #3 05-21-2010, 08:07 PM

I can believe that this happened in this day and time when people are loosing everything that they worked so hard for because of a failing government.

People are getting despirate and I often wonder just how despirite that they will get and this is just another example of that happening.

I know quite a few people that are either unemployeed right now or not working for as much pay or as many hours that they are used to.So getting by on a daily thing is hard for them.