Crime & Safety
Newport Coast Couple Face Federal Fraud Charges
Authorities say Thomas Chia Fu and Cheri L. Shyu defrauded several banks out of about $130 million.
Federal authorities on Thursday arrested a husband and wife at their Newport Coast home on charges that the couple defrauded banks out of about $130 million.
Thomas Chia Fu, 61, and Cheri L. Shyu, 48, were expected to be arraigned in United States District Court on Thursday afternoon, according to the U.S. Department of Justice.
Authorities say the couple borrowed money on a line of credit from a consortium of banks, including Bank of America, by exaggerating the in-transit inventory and accounts receivable of their Anaheim-based business, Galleria USA Inc., which imports home decor items from China. Also, according to authorities, the couple fabricated bills of lading and invoices.
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