Ex-Wachovia exec pleads guilty in NC embezzlement

June 17, 2010 7:33:17 AM PDT
CHARLOTTE, N.C. (AP) - A former executive with Wachovia has pleaded guilty in federal court in North Carolina to charges involving the embezzlement of more than $11 million from the bank. Scott Welch, 47, pleaded guilty to mail fraud and tax evasion Wednesday.

U.S. District Judge David Cayer agreed to allow Welch to remain free until he's sentenced. A plea agreement shows prosecutors will recommend Welch serve between 10 and 12 years in prison.

Prosecutors say Welch took the money over eight years while a vice president at the Wachovia distribution center in Charlotte. They say he got owners of businesses to turn in fake invoices for goods and services the bank never received.

Welch has agreed to forfeit his home valued at $1.2 million.