L.A. Bank Among Seven Defrauded, U.S. Says
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From Bloomberg News
General Bank, part of Los Angeles-based Cathay General Bancorp, is among seven banks defrauded of $50 million by two men who submitted phony invoices for loans to finance scrap metal trades, prosecutors said.
Raymond and Kelvin Yiu were indicted on charges accusing them of using bogus documents to borrow money from the banks. Both pleaded not guilty in federal court in New York and were freed on bonds of $250,000 each.
General Bank lost $14.9 million, the indictment says.
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