The Chicago Syndicate: Sojin Lim Pleads Guilty to #BankFraud, #MoneyLaundering

Thursday, October 17, 2013

Sojin Lim Pleads Guilty to #BankFraud, #MoneyLaundering

Sojin Lim, 60, of East Greenwich, Rhode Island, chief executive officer and vice president of General Technologies Corporation, d/b/a CompUtopia, pled guilty in U.S. District Court in Providence on October 15, 2103, to one count each of bank fraud and money laundering, having defrauded the Rockland Trust Company of more than $5 million, announced United States Attorney Peter F. Neronha; John G. Collins, Acting Special Agent in Charge of the Boston Office of the Internal Revenue Service-Criminal Investigation; Vincent B. Lisi, Special Agent in Charge of the Boston Field office of the FBI; and Colonel Steven G. O’Donnell, Superintendent of the Rhode Island State Police.

Appearing before U.S. District Court Judge John J. McConnell, Jr., Lim admitted that she devised a scheme to defraud Rockland Trust Company in order to satisfy a demand for repayment of a $5 million line of credit with Citizens Bank. Lim admitted to the court that she falsified bank documents and overstated company revenues in order to secure funding from Rockland Trust to finance repayment of the line of credit.

According to information presented to the court, in the spring of 2011, Lim and CompUtopia were informed that their line of credit would no longer be carried by Citizens Bank and that CompUtopia was required to seek funding elsewhere. Lim admitted to the court that she devised a scheme to obtain the funding from Rockland Trust Company by providing false, fraudulent, and fictitious information and documentation. 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 that benefited CompUtopia. In April 2012, the Rockland Trust Company loan was increased to $5,350,000.

According to information presented to the court, in late June 2011, 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.

At sentencing on January 14, 2014, Lim faces statutory penalties of up to 30 years in federal prison, a fine of $250,000, and five years’ supervised release for bank fraud; and up to 10 years in federal prison, a fine of $250,000, and three years’ supervised release for money laundering.

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. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch and, with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

No comments:

Post a Comment

New York Crime Families

Flash Mafia Book Sales!

Al Capone's Vault

Crime Family Index

The Sopranos Library