Friday, June 5, 2009

California Bank Exec Sentenced In $236K Embezzlement Case

Alex Yan, 48, of Oakland, California and a former Business Relationship Officer with United Commercial Bank also in Oakland, was sentenced to 27 months in prison for embezzling some $236,000 from the institution. Yan plead guilty last February, admitting he stole the funds between 2004 and early 2007. According to prosecutors, Yan transferred funds from his client accounts and the bank to an account he controlled under a false name. When confronted, he admitted to the thefts and cooperated with the investigation, according to prosecutors. Yan allegedly had a gambling problem which led to the embezzlement, and he has been attending Gamblers Anonymous since January, according to reports. As part of the sentence, Yan must also make full restitution.

Read the story here, here and here.

Read the DOJ's announcement here.

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