Ocean Fresh Seafood Owner Found Guilty Of Fraud
September 16, 2010 | 1 min to read
The owner of Ocean Fresh Seafood Inc. of North Attleboro was convicted in federal court Wednesday of defrauding Wells Fargo Bank of at least $7 million.
Robert Coutu, 59, of Cumberland, R.I., pleaded guilty to bank fraud, conspiracy to commit bank fraud and money laundering. His sentencing date is Jan. 19.
U.S. Attorney Carmen Ortiz said Ocean Fresh executives falsely inflated the company’s receivables and inventory balances to secure a credt line from Wells Fargo.
To read the rest of the story, please go to: Boston Business Journal.