CEO Of Electronics Companies Pleads Guilty To Bank Fraud

In Philadelphia on Friday, Carl Spitko, former CEO of two suburban Philadelphia area electronics companies, pleaded guilty to  to 11 counts of bank fraud and two counts of aiding and abetting in connection with a scheme to defraud Wachovia Bank and a predecessor of nearly $1.5 million between 2001 and 2005. He was indicted in January 2007. Spitko’s Maintech Inc. manufactured and distributed laminators for the printed circuit board industry. He had a line of credit with Wachovia secured largely by Maintech’s accounts receivable. He admitted lying about the amount of money in Maintech’s accounts, hiding money and property from the bank and opening up a second company, Sentek, to use and sell Maintech’s assets without paying back the bank. Spitko is scheduled to be sentenced on July 31;he faces a sentence in the range of 46 to 71 months in prison, according to the USAO in Philadelphia (Philadelphia Business Journal, DOJ).