Ex-Wachovia exec pleads guilty in NC embezzlement
June 17, 2010 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.