BOSTON - The owner of a former North Attleboro seafood business and a key aide were both indicted Wednesday on federal bank fraud charges for their role in an alleged scheme to bilk Wells Fargo Bank of more than $7 million.

Robert G. Coutu, 53, of 500 Mendon Road in Cumberland, R.I., the former president and sole stockholder of Ocean Fresh Seafood, was charged in a 17-count indictment with conspiracy, bank fraud and money laundering.

Cynthia Larose, 40, of 87 Allenson Ave. in South Attleboro, was charged in the same indictment with one count of conspiracy to commit bank fraud.

Coutu disappeared last September after bank auditors found large discrepancies in receivables and sales reports, then took over the seafood distribution and retail sales business. Dozens of people were thrown out of work.

Coutu, whom federal officials said had been staying in Central America, was arrested by immigration authorities April 9 in Costa Rica, then was transported to Miami. Larose, the indictment alleges, furthered the scheme by helping Coutu falsely inflate Ocean Fresh's receivables and inventory balances to enable the company to borrow millions more from the bank than its level of business otherwise would have permitted.

The indictment charged that Coutu orchestrated the scheme against the bank, which beginning in 2002 extended a line of credit to Ocean Fresh secured by the company's accounts receivables and inventory.

The indictment charges that Coutu and Larose created false invoices and wired funds from Ocean Fresh's bank account to accounts managed by affiliates and friends of Coutu to give the appearance that the company was buying and selling more than it actually was.

FBI: $30 million borrowed

According to an FBI affidavit, Ocean Fresh ultimately borrowed up to $30 million from the bank. Wells Fargo charges that it lost a minimum of $7 million of that amount.

If convicted of the charges, Coutu faces up to 30 years in prison, a spokeswoman for the office of U.S. Attorney Michael Sullivan said. He also faces five years of supervised release and a $1 million fine on the bank fraud charge and up to an additional 10 years imprisonment, three years supervised release and a $250,000 fine on the money laundering allegations.

Both Coutu and Larose face five years imprisonment, three years supervised release and a $250,000 fine on the conspiracy charge.

RICK FOSTER can be reached at 508-236-0360 or at rfoster@thesunchronicle.com.