Married couple in bank fraud case sentenced to over 25 years in jail

Taipei,  A Taipei court on Thursday sentenced a married couple, who are former company owners, to over 25 years in jail each along with huge fines for fraudulently obtaining NT$47.10 billion (US$1.68 billion) in loans from 12 banks.

The Taipei District Court handed down a sentence of 26-years in prison and a fine of NT$600 million to Yang Wen-hu (楊文虎), a former head and co-owner of Taipei-based New Site Industries Inc. (NSI), with a 28-year prison sentence and fine of NT$650 million for his wife Wang Ying-chih (王音之), also a former co-owner of the company, for violations of the Money Laundering Control Act and the Banking Act among others.

In addition, the court also sentenced their daughter Yang Yu-chen (楊宇晨), a company executive, to three years and four months in prison, according to the court.

The court also imposed fines ranging from NT$100 million to NT$500 million on four NSI affiliates and a logistics company involved in the fraud case and sentenced more than 20 others to jail terms ranging from one year and 10 months to seven years and 10 months, with nine individuals who confessed to their crimes and returned their illegal gains receiving suspended prison sentences.

Taipei District Prosecutors Office indicted the couple in January on charges of violating the Banking Act by fraudulently applying for and receiving NT$38.6 billion in loans from nine banks since August 2010.

The couple were among a total of 36 people indicted in the fraud case at that time.

After a further investigation, prosecutors discovered that the couple defrauded three other banks out of NT$8.6 billion from June 2008-2010 and subsequently indicted 15 additional co-conspirators and five companies.

The district court on Thursday said that Yang and Wang instructed their staffers to create fraudulent transaction records, fund transfers and investment schemes to defraud the 12 banks of NT$47.10 billion in loans.

Wang has returned a portion of the money but has been ordered to pay back a further NT$4.34 billion in illegally obtained funds, the court said.

The couple fled to the United States in June last year but before leaving, directed their daughter and her boyfriend to transfer the illegal funds abroad.

The couple were repatriated to Taiwan in January and March to face trial as part of judicial cooperation between Taiwan and the U.S., according to the court.


Source: Focus Taiwan News Channel

Leave a Reply

Your email address will not be published. Required fields are marked *