Judy “Miu Wan” Yeung was alleged to have defrauded Washington Mutual Bank and J.P. Morgan Chase to the tune of $6.5M!!
She was convicted of one count of conspiracy to commit
wire fraud, eight counts of wire fraud, and three counts of witness
tampering by a federal jury yesterday afternoon, United States Attorney
Joseph P. Russoniello announced on Feb. 3, 2010.
What really struck me about this case was that Yeung wasn't running some kind of mortgage pool or mortgage fund. Apparently she had a couple of mortgage brokers as co-conspirators, but she was swindling "straw buyers" so that she could buy some investment properties in Gilroy and cash out of her San Francisco property. Somehow she managed to prey on enough people to scam $6.5M out of the banks using other people's credit. What an astonishing take for a single individual!
It took the U.S. Attorney's office three years to get this case to trial, and the sentencing of Yeung is scheduled for May 14, 2010, before Judge
Susan Illston in San Francisco. The maximum statutory penalty for each
count in violation of Title 18, United States Code, Section 1349, is 30
years and a fine of $1,000,000, plus restitution.