48-year-old Chino Hills man faces up to 30 years in prison after pleading guilty to participating in multi-year scheme with two women over fraudulent residential mortgages under d ‘a Michigan bank.
Hao Liang Hu pleaded guilty to one count of conspiracy to commit bank fraud and wire fraud. He is expected to be sentenced on June 27, 2022, according to the US Department of Justice.
Yi Hou Han, 39, of San Francisco, and Amy Lu, 33, of Brea, also pleaded guilty for their role in the scheme. Ms. Han faces a 30-year prison term when sentenced on August 18, 2021. Ms. Lu faces five years in prison. She will be sentenced on June 28, 2021.
Mr. Hu has started at least 825 Advantage Loan Program, earning $ 2.5 million in commissions.
Investigators said Mr. Hu was a residential loan officer, and between 2011 and 2019, he falsified borrowers’ income and debt-to-income ratios, job titles, work history and documents.
âAs part of the program,â investigators said, âthey asked borrowers to fabricate deposit histories and transfer funds to third parties, who would then transfer the funds to borrowers as gifts in order to disguise the true. source of funds and to promote the underlying fraud scheme.
The three suspects also “knowingly facilitated the approval of loans to borrowers involved in money laundering and tax evasion,” investigators said.
They represented nearly 2,500 loans and over $ 876 million in credit granted through a financial institution.
Ms. Han earned $ 3.3 million in commissions and Ms. Lu earned $ 990,000 in commissions, according to investigators.
The case was investigated by several agencies, including the FBI.