By Mark Reynolds
PROVIDENCE, R.I. -- An East Greenwich man who defrauded Rockland Trust Company of more than $5 million has agreed to plead guilty to bank fraud and money laundering, according to a news release issued Monday by the office of U.S. Attorney Peter F. Neronha.
Sojin Lim, 60, a vice president of a company that did business under the name CompUtopia, defrauded Rockland in order to repay $5 million to Citizens Bank, the release says.
Lim falsified bank documents and overstated company revenues in 2011 after he learned that Citizens Bank would no longer carry a $5-million line of credit for CompUtopia, it says.
CompUtopia paid Citizens with money provided by Rockland, the release says. Then in June 2012, the company filed for bankruptcy.