Massachusetts Seafood Dealer Sentenced in $7 Million Bank Fraud
The Department of Justice announced the sentencing of Robert Coutu, the owner of Ocean Fresh Seafood, Inc., to 60 months in prison arising out of his scheme to defraud Wells Fargo Business Credit, Inc., a division of Wells Fargo Bank NA. In addition, Mr. Coutu was ordered to pay $6,582,165.91 to Wells Fargo and its successors. Mr. Coutu, with the assistance of various Ocean Fresh employees, falsely inflated Ocean Freshs receivables and inventory balances in order to borrow millions of dollars more than the companys actual business activity would have permitted.