Related Federal Cases
- Bank Fraud Kingpin Carlos Iglesias Arrested at Cyril E. King Airport · Rhode Island
- Terrance Richardson, Bank Employees Charged in $165K Check Fraud · Rhode Island
- Rhode Island Bank Heist: 11 Indicted in Check Fraud Schemes · Rhode Island
- Bronx Man Gets 24 Months for Bank Fraud Heist · Massachusetts
- Bank Fraud Kingpin Phalentz Vernot and Five Accomplices Busted · Massachusetts
CEO Pleads Guilty to Bank Fraud
PROVIDENCE, R.I. – Sojin Lim, 60, of East Greenwich, R.I., Chief Executive Officer and Vice President of General Technologies Corporation, d/b/a CompUtopia, has agreed to plead guilty to one count each of bank fraud and money laundering in connection with an alleged scheme to defraud Rockland Trust Company of more than $5 million dollars.
According to court documents, in the spring of 2011 Lim devised a scheme to defraud Rockland Trust Company in order to satisfy a demand for repayment of a $5 million dollar line of credit with Citizens Bank. It is alleged that Lim falsified bank documents and overstated company revenues in order to secure the funding from Rockland Trust to finance repayment of the line of credit.
Court documents allege that Lim falsely stated CompUtopia’s accounts receivables as $7,066,268.04, when in fact CompUtopia’s accounts receivables were substantially less. In June 2011, based on the information and documents provided to Rockland Trust Company, the bank deposited $4,878,378.85 in an account which benefited CompUtopia. In April 2012, the Rockland Trust Company loan was increased to $5,350,000.
Lim paid Citizens Bank $5,342,997.72 from funds provided by Rockland Trust and from a $464,610.37 loan taken against the defendant’s personal assets. CompUtopia filed for receivership in June 2012.
The maximum statutory penalty for bank fraud is 30 years in federal prison; a fine of $250,000; and 5 years of supervised release. The maximum statutory penalty for money laundering is 10 years in federal prison; a fine of $250,000; and 3 years supervised release.
The case is being prosecuted by Assistant U.S. Attorneys John P. McAdams and Sandra R. Hebert. 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. The President established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.
RELATED: Rikers Guard Faked Injuries, Pocketed $370K
RELATED: PPE Lie: Edison Execs Plead Guilty to $10M Scam
Key Facts
- State: Rhode Island
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News