Post by Tony Enriquez / UKIPA Holdings on Feb 27, 2015 19:25:19 GMT 4
California executive arrested in $9M bank fraud case.
LOS ANGELES — The president of a Southern California equipment rental firm has been arrested on suspicion of defrauding two banks out of $9 million, and police are searching for another company executive in the same case.
The Los Angeles Times reports (http://lat.ms/18lEjmP) Chung Yu "Louis" Yeung of San Dimas was taken into custody this week.
Yeung, the head of Eastern Tools and Equipment in Ontario, has been indicted on charges including bank fraud and conspiracy.
Court papers show the 37-year-old Yeung is accused of defrauding United Commercial Bank and East West Bank by inflating the amount of business done by the company in order to obtain a large loan.
Also accused is 52-year-old Guo Xiang "David" Fan, the firm's vice president. Fan, who also faces money laundering charges, remains at large.
Read more here: www.sanluisobispo.com/2015/02/26/3508705_california-executive-arrested.html?rh=1#storylink=cpy
LOS ANGELES — The president of a Southern California equipment rental firm has been arrested on suspicion of defrauding two banks out of $9 million, and police are searching for another company executive in the same case.
The Los Angeles Times reports (http://lat.ms/18lEjmP) Chung Yu "Louis" Yeung of San Dimas was taken into custody this week.
Yeung, the head of Eastern Tools and Equipment in Ontario, has been indicted on charges including bank fraud and conspiracy.
Court papers show the 37-year-old Yeung is accused of defrauding United Commercial Bank and East West Bank by inflating the amount of business done by the company in order to obtain a large loan.
Also accused is 52-year-old Guo Xiang "David" Fan, the firm's vice president. Fan, who also faces money laundering charges, remains at large.
Read more here: www.sanluisobispo.com/2015/02/26/3508705_california-executive-arrested.html?rh=1#storylink=cpy