A San Francisco real estate investor has been convicted in federal court of fraud and witness tampering in connection with a $6.5 million mortgage loan scheme.Judy Yeung, also known as Miu Wan Yeung, 58, was convicted by a jury in federal court in San Francisco Tuesday of conspiracy to commit wire fraud, eight counts of wire fraud and three counts of witness tampering. Yeung formerly lived in San Francisco and now lives in Mountain View, according to federal prosecutors.U.S. Attorney Joseph Russoniello said Yeung recruited five individuals, known as straw buyers, to pose as home buyers in loan applications for the purchase and resale of two properties in Gilroy and for the refinancing of Yeung’s former home in Balboa Terrace in San Francisco. Russoniello said the fraudulently obtained mortgage loans totaled $6.5 million and that Yeung received $624,000 in cash from the transactions between 2004 and 2007.In the witness tampering charges, Yeung was convicted of three counts of telling two of the straw buyers to lie to FBI agents who were investigating the case.Russoniello said some witnesses in the three-week trial said Yeung called herself the “Honorable Lady of San Francisco” and carried business cards with that title. Yeung will be sentenced by U.S. District Judge Susan Illston on May 14.
Copyright © 2010 by Bay City News, Inc. Republication, Rebroadcast or any other Reuse without the express written consent of Bay City News, Inc. is prohibited.