Orange County Couple Arrested on Federal Charges of Bilking Banks Out of 130M
March 15, 2011
Total Loss:
$130 million
A Newport Coast couple were arrested this morning after being indicted on federal charges of defrauding a consortium of eight banks, including Bank of America, out of approximately $130 million. Thomas Chia Fu, 61, and his wife, Cheri L. Shyu (also known as Cheri Fu), 48, were arrested without incident at their residence by federal authorities. The couple is expected to be arraigned this afternoon in United States District Court.
Source:
FBI