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CEO Pleads Guilty to Bank Fraud, Money Laundering
Sojin Lim, 60, the Chief Executive Officer and Vice President of General Technologies Corporation, d/b/a CompUtopia, has pleaded guilty to one count each of bank fraud and money laundering in U.S. District Court in Providence, Rhode Island.
Lim admitted to devising a scheme to defraud the Rockland Trust Company of more than $5 million dollars, which she used to satisfy a demand for repayment of a $5 million dollar line of credit with Citizens Bank.
According to court documents, Lim falsified bank documents and overstated company revenues to secure funding from Rockland Trust to finance repayment of the line of credit.
The scheme involved providing false, fraudulent and fictitious information and documentation to the Rockland Trust Company, which deposited $4,878,378.85 in an account that benefited CompUtopia in June 2011.
In April 2012, the Rockland Trust Company loan was increased to $5,350,000, and Lim paid Citizens Bank $5,342,997.72 from funds provided by Rockland Trust and from a $464,610.37 loan taken against personal assets.
CompUtopia filed for receivership in June 2012, and Lim faces statutory penalties of up to 30 years in federal prison, a fine of $250,000, and 5 years supervised release for bank fraud, and up to 10 years in federal prison, a fine of $250,000, and 3 years supervised release for money laundering.
The case is being prosecuted by Assistant U.S. Attorneys John P. McAdams and Sandra R. Hebert, and the matter was investigated by Internal Revenue Service Criminal Investigation, the FBI, and Rhode Island State Police.
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force, which is working to investigate and prosecute financial crimes and recover proceeds for victims of financial crimes.
Key Facts
- State: Rhode Island
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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