August 30, 2016

August 17, 2016

Louis Yeung, the former vice president of California wholesale tool company Eastern Tools & Equipment was sentenced to 63 months in prison and ordered to pay roughly $9.6 million in restitution for his role in a scheme to defraud East West Bank that resulted in losses of over $9 million.  Yeung admitted that he and his co-conspirators defrauded East West Bank by making material misrepresentations about Eastern Tools’ accounts receivable and its financial statements to obtain and maintain a loan with the bank.  DOJ

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