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Former Wachovia exec charged in $11M bank scam

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CHARLOTTE, N.C. -- A former vice president for North Carolina-based Wachovia Bank faces federal charges that he was at the core of a conspiracy that fleeced the company of $11 million.

Attorneys for 47-year-old Terry Scott Welch of Mooresville did not immediately respond to requests for comment Friday. Federal prosecutors have charged Welch with mail fraud and tax evasion after bilking the bank over nine years.

The same charges face 47-year-old John Cousar (coo-ZAHR') Jr. of Albemarle and 59-year-old Delmar Dove of Charlotte.

An indictment accuses Welch of getting Dove, Cousar and others to turn in fake invoices for goods and services the bank never received.

Attorneys for Dove and Cousar said they will plead guilty in a deal with prosecutors. The bank declined comment.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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