March 30, 2016

March 30, 2016

Chung Yu Yeung (aka Louis Yeung), former vice president of Eastern Tools and Equipment Inc., a California wholesale equipment company that sold portable generators to retailers across the country, pleaded guilty to fraud charges in connection with a bank fraud scheme.  Yeung admitted that he and his co-conspirators defrauded Pasadena-based East West Bank in connection with a line of credit for Eastern Tools by misrepresenting to the bank Eastern Tools’ accounts receivable and its financial statements.  Eastern Tools ultimately defaulted causing more than $9 million in losses to the bank.  DOJ

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