Federal prosecuters say that a former Wells Fargo (NYSE: WFC) vice president has pleaded guilty on charges of conspiracy to commit bank fraud.
According to Rosenfeld’s plea agreement, Rosenfeld supervised a team of bank employes that executed fraudulent wire transfers. Prosecuters say that Rosenfeld and a co-conspirator created false invoices causing fraudulent wire transfers to be processed starting in June of 2008.
Prosecuters say that 21 fradulent wire transferes were executed resultign in a loss for Wells Fargo of about $226,000 and that Rosenfeld continued t o get money in the scheme even after he was laid off by the company in January of 2009.
39-year-old Andrew Rosenfeld entered his plea on Monday. As of today, a Sentencing date has not been set.
