Sojin Lim, the CEO and vice president of General Technologies Corp.—doing business as CompUtopia—pleaded guilty last week to bank fraud and money laundering after allegedly defrauding Rockland Trust Co. of more than $5 million.
In her appearance before U.S. District Court Judge John J. McConnell, Sojin said she created a plot to defraud Rockland Trust in order to repay a $5 million credit line at Citizens Bank.
She admitted to falsifying bank documents and to overstating company revenues to secure funding from Rockland Trust, after she and CompUtopia were informed by Citizens Bank in 2011 that the line of credit would no longer be carried.
Sojin said she provided false, fraudulent and fictitious information, stating that the company’s accounts receivables totaled $7.07 million, when CompUtopia’s accounts receivables were substantially less.
Rockland Trust deposited approximately $4.88 million into an account that benefited CompUtopia, after receiving the company’s information in 2011. Last April, the trust company loan was increased to $5.35 million.
Information provided in court showed that Sojin paid Citizens Bank approximately $5.34 million from funds provided by Rockland Trust and from a $465,000 loan taken against personal assets. CompUtopia filed for receivership last June.
Sojin faces a sentence of up to 30 years in federal prison if found guilty of bank fraud, along with a $250,000 fine and five years’ supervised release. She also faces up to 10 years in prison, a $250,000 fine and three years’ supervised release for money laundering.