Scott Welch, the former Wachovia executive accused of embezzling millions from the bank, pleaded guilty in federal court this morning.
Judge David Cayer set bond at $50,000 and gave Welch permission to travel to South Carolina. Welch’s attorney, Andrew Murray, said the Welch family may need to move there. They’ve been living in his mother-in-law’s house in Mooresville since their Lake Norman waterfront property was forfeited to the government, but may move to a trailer they own in South Carolina if they can’t keep up with the mortgage, Murray said.
Welch, unemployed since being laid off from Wachovia in 2008, may be able to get a custodial job at a campground there, Murray added.
Welch is free until his sentencing; the judge didn’t indicate when that might be.
Mark Odulio, representing the U.S. Attorney’s Office, said that Welch initially denied involvement when approached by investigators, but started cooperating shortly afterward.
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