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Old 03-11-2011, 03:28 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,252 posts, read 54,953,187 times
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Quote:
Yesterday, Thomas Chia Fu, and his wife, Cheri L. Fu, were arrested at their home by federal authorities, without any incidents. The couple was prosecuted yesterday in United States District Court.

The couple owned an Anaheim company called Galleria USA, Inc., which imported home decor items manufactured in China. The defendants attained a $130 million revolving line of credit for Galleria from a total of 8 banks. They were able to obtain this much money in credit by exaggerating more than 100 times about the companies in-transit inventory and accounts receivables. The Fus also are being accused of making up bills of lading and invoices to support the exaggerated numbers and hide Galleria’s correct financial position.

Couple in Orange County Charged for $130 Million Bank Fraud | LoanSafe.org
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