CHARLOTTE, N.C.,None — A former vice president for Wachovia faces federal charges that he was at the core of a conspiracy that fleeced the company of $11 million.
Federal prosecutors have charged 47-year-old Terry Scott Welch of Mooresville, the former vice president of Utility Services, with mail fraud and tax evasion after bilking the bank over nine years.
John Cousar Jr., 47, of Albemarle and Delmar Dove, 59, of Charlotte face the same charges. Cousar is a former Charlotte firefighter.
An indictment accuses Welch of getting Dove, Cousar and others to turn in fake invoices for goods and services the bank never received. In one case, prosecutors said a company charged Wachovia for a forklift rental, but Welch used the money to buy jet skis, gas grills and jewelry for himself.
Attorneys for Dove and Cousar said they will plead guilty in a deal with prosecutors. The bank declined comment.