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Woman guilty of major fraud scheme

October 25, 2013

As previously reported in The Pendulum, Lim, last month, according to court documents, devised a plan to swindle Rockland Trust in order to satisfy a demand for repayment of a line of credit with Citizens Bank worth approximately $5 million, a scheme she eventually admitted to in court last week. Lim was found to have falsified bank documents and overstated company revenues for the purposes of securing the funding from Rockland Trust to finance repayment of the line of credit.
According to court documents – and as stated in the press release – Lim and CompUtopia, during the spring of 2011, were both informed that the line of credit would no longer be carried by Citizens Bank and that the company was required to seek funding with a separate bank. Lim was found to have come up with a ploy to obtain the funding from Rockland Trust Company by providing information and documentation that was false, fraudulent and fictitious.
The court documents allege that Lim, in late June 2011 paid Citizens Bank a total of $5,342,997.72 from funds provided by Rockland Trust and from a $464,610.37 loan that was taken against the defendant’s personal assets. In June 2012, CompUtopia filed for receivership.
Lim’s sentencing will take place on Jan. 14. Lim faces statutory penalties of up to 30 years in federal prison, a $250,000 fine and five years supervised release for bank fraud. For the money laundering charge, Lim faces a 10-year sentence in federal prison, a fine of $250,000, and three years supervised release.

Source 
Southern Rhode Island Newspapers
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