Scott Welch, a former Wachovia executive accused of embezzling millions from the bank, pleaded guilty in federal court Wednesday.
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 because their Lake Norman waterfront property is being forfeited to the government, but they may move to a trailer they own in South Carolina if they can't keep up with the mortgage, Murray said.
Welch, unemployed since he was laid off from Wachovia in 2008, may be able to get a custodial job at a campground there, added Murray, who is running for Mecklenburg County district attorney.
Welch, 47, is free until his sentencing; the judge didn't indicate when that might be.
According to the plea agreement on charges of mail fraud and tax evasion, prosecutors have agreed to recommend 10 to 12.5 years in prison. The sentencing judge does not have to abide by that recommendation.
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