Subtitle-style transliteration of 'Fred'. The standardized Xinhua spelling is 弗雷德 (Fúléidé) — 佛雷德 mostly shows up in older or fan-made translations, especially Taiwan editions of films and novels.
mistakes
佛 here is read fó, not fú — even though as a name-syllable it represents English 'F-'. Don't confuse with the Buddhist sense; in transliteration it's just a sound.
