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Wachovia VP Had Good Reason To Steal Money From Bank That You'll Probably Never Understand

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With the money he embezzled from Wachovia ($11.2 million give or take a few clams), Scott Welch bought himself many a sports car. This was a plan, to throw people off the trail. He didn't buy a new set of wheels "constantly," as neighbors recall, in an attempt to hide the fact that he was stealing money from the bank, but to distract from what he was really putting the funds toward. A love that dare not speak its name. A love of plants, and impeccably maintained yards.

For eight years, until he was laid off in 2008, Welch planned and executed an embezzlement scheme that defrauded Wachovia of $11.2 million, according to documents filed by the U.S. Attorney's Office last month. Welch, who had no formal college education, was helped by a Charlotte-area landscaper, a firefighter, a home remodeler and a forklift salesman.

Scott Welch loved to landscape. Neighbors say the Welches had new palm trees delivered every year, and county records show there used to be a large lighthouse statue in their backyard. Welch had Dove build stone walls, do irrigation work, and even add brick tiling to the doghouse.

How much does Scott love trees and grass? Clearly enough that he was willing to steal for them, like the conniving tramps that often drive otherwise good men to break the law in order to be with them. But apparently so much so that Scotty-boy hasn't yet had that moment where he's snapped out of it, as even after getting caught, he's failed to recognize and sever ties with those who got him into this mess.

The family is also surrendering cars, Murray said, and Welch has moved his family to his mother-in-law's house, on a quiet Mooresville street.

"You couldn't ask for a better neighbor," said Machael Stephenson, who lives on an adjoining property. "He cuts my grass and takes my trash out."

How a quiet bank executive built a lavish life on stolen money [Charlotte Observer via Daily Intel]