A federal indictment has reportedly been filed against a former Los Angeles bank manager accused of stealing hundreds of thousands of dollars from customers.
Weixin “Tony” Chen, who managed Cathay Bank branches in Arcadia and the City of Industry, allegedly tapped into customers’ home equity lines of credit (HELOC) and deposit accounts to transfer money into fraudulent accounts he controlled, reports KTLA.
Federal prosecutors say Chen told loan applicants their requests had been denied when, in fact, he forged their signatures to open checking accounts in their names. He subsequently moved funds into those fraudulent accounts to conceal that the loans were never approved…