Richard Po-Chun Wong, 59, of Covina, California and formerly a practicing accountant in the State of California, was sentenced to 2 1/2 years in prison for his role in defrauding HSBC Business Credit (USA) out of some $46 million. According to prosecutors, Wong prepared false documentation to several third parties that fraudulently allowed them to obtain lines of credit from the bank. Wong plead guilty in 2006 to wire fraud and tax evasion on income he received from those companies he fraudulently helped obtain bank loans. William Chan Lim, 58, of Diamond Bar, California and another defendant in the case, was sentenced last September to 57 months in prison after pleading guilty to wire fraud and money laundering charges. A third defendant, Co Tro “Sammy” Lam, 50, of San Gabriel, California, was sentenced to one year in prison after pleading guilty to wire fraud and tax evasion charges in 2005.
Read the story here and here.
Read the DOJ announcement here.
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