Wells Fargo Dealer Services
October 16, 2010 by staff
Wells Fargo Dealer Services, The owner of Ocean Fresh Seafood, Inc. was convicted by a federal court late yesterday to engage in a scheme to defraud Wells Fargo Business Credit, Inc., a division of Wells Fargo Bank NA, and at least 7 million.
U.S. Attorney Carmen M. Ortiz, Richard Deslauriers, Special Agent in Charge of the Federal Bureau of Investigation – Boston Field Division, and William P. Offord, Special Agent in Charge of the Internal Revenue Service Criminal Investigation – Boston Field Office announced that Robert Coutu, 59, of Cumberland, Rhode Island, pleaded guilty before Judge Nancy Gertner District of conspiracy to commit bank fraud, bank fraud and money laundering.
At the hearing of oral argument, the prosecutor told the court that Coutu was the owner of Ocean Fresh Seafood, Inc., based in North Attleboro, where he orchestrated a conspiracy to defraud Wells Fargo. Since 2002, Wells Fargo has extended a credit line to Ocean Fresh Backed Ocean Fresh accounts and inventory. Coutu, with the help of other staff expenses ocean, inflated claims and Ocean Fresh inventory balances to borrow millions of dollars more than its actual activity would permit. To achieve the Coutu regime, and others created false invoices and wire transfers of funds from the bank account of Ocean Fresh to accounts managed by members and friends Coutu to give the appearance that Ocean Fresh is buying and product sales more than it actually was. Controllers former Ocean Fresh, Christopher Day and Cynthia Larose were charged with conspiracy to commit bank fraud, with Coutu. Larose pleaded guilty and is awaiting trial. Day is awaiting trial.
Judge Gertner scheduled the hearing of sentence for January 19, 2011. Coutu faces 30 years imprisonment, followed by five years probation and fined one million on charges of bank fraud, up to 10 years imprisonment, followed by three years of freedom monitored and a $ 250,000 fine on charges of money laundering and imprisonment, three years to five years probation and a fine of 250,000 and the conspiracy charge.
This survey was conducted by the Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigation. It is being prosecuted by Assistant U.S. Attorneys Sarah E. Walters and N. Vassili Thomadakis unit Ortiz economic crimes.
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