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FuzzNJ Offline
#1 Posted: Tue, Oct 18 2011, 12:51 PM EST
Joined: 06-28-2006
Posts: 13,000
A federal grand jury in San Francisco has charged Ebrahim Shabudin, of Moraga, Calif., and Thomas Yu, of San Ramon, Calif., with conspiracy to commit securities fraud, securities fraud, falsifying corporate books and records, and lying to auditors, United States Attorney Melinda Haag announced.

“The indictment alleges that UCBH bank officials conspired to hide loan losses, lie to their outside auditors, and mislead regulators and the investing public,” said United States Attorney Melinda Haag. “These charges demonstrate the Department of Justice’s continuing commitment to pursue corporate wrongdoers to the fullest extent of the law.”

According to the indictment, which was unsealed this morning, United Commercial Bank was a commercial bank headquartered in San Francisco, Calif., with branch offices throughout the United States as well as in China and Taiwan. Its holding company, UCBH Holdings, Inc., was publicly traded on NASDAQ. The defendants held the following positions at the bank:

Shabudin, 63, was an executive vice president. From approximately September 2008 through April 2009, Shabudin served as the bank’s chief credit officer and chief operating officer.
Yu, 48, was a senior vice president. From approximately June 2008 through June 2009, Yu served as the bank’s manager of credit risk and portfolio management.

The indictment charges that, between 2004 and 2007, the bank’s loan portfolio increased from approximately $4.4 billion to more than $8 billion. By September 2008, the bank’s loan portfolio faced growing losses. In November 2008, the bank received approximately $298 million from the Troubled Asset Relief Program (TARP).

The indictment also alleges that, beginning in approximately September 2008, Shabudin and Yu, along with others, participated in a fraudulent scheme to hide the bank’s true financial condition from the Department of Treasury, investors, depositors, regulators, and the bank’s independent auditor. Specifically, the indictment charges that the defendants used a variety of fraudulent accounting maneuvers and techniques to conceal the true financial condition of the bank, including that they:

fraudulently concealed information showing that the bank’s loan collateral and repossessed assets had declined in value;
fraudulently understated the risk of certain loans;
fraudulently delayed downgrading the risk ratings of certain loans;
falsified the bank’s books and records so that they falsely described, and omitted material information necessary to accurately describe, the likelihood that certain loans would be repaid and the value of the bank’s loan collateral and repossessed assets; and
lied to and misled the bank’s outside auditor.

http://www.fbi.gov/sanfrancisco/press-releases/2011/former-united-commercial-bank-officials-charged-with-securities-fraud

Happened a week ago.
wheelrite Offline
#2 Posted: Tue, Oct 18 2011, 1:29 PM EST
Joined: 11-01-2006
Posts: 50,119
Good...
DrMaddVibe Offline
#3 Posted: Tue, Oct 18 2011, 1:44 PM EST
Joined: 10-21-2000
Posts: 55,469
When I see them doin' the perp walk out of Goldman Sachs and AIG...THEN it will be a good thing...I'm talking 100's of perp walks too!whip
FuzzNJ Offline
#4 Posted: Tue, Oct 18 2011, 2:09 PM EST
Joined: 06-28-2006
Posts: 13,000
As the financial storm brewed in the summer of 2008 and institutions feared for their survival, a bit of good news bubbled through large banks and the law firms that defend them.

Federal prosecutors officially adopted new guidelines about charging corporations with crimes — a softer approach that, longtime white-collar lawyers and former federal prosecutors say, helps explain the dearth of criminal cases despite a raft of inquiries into the financial crisis.

Though little noticed outside legal circles, the guidelines were welcomed by firms representing banks. The Justice Department’s directive, involving a process known as deferred prosecutions, signaled “an important step away from the more aggressive prosecutorial practices seen in some cases under their predecessors,” Sullivan & Cromwell, a prominent Wall Street law firm, told clients in a memo that September.

The guidelines left open a possibility other than guilty or not guilty, giving leniency often if companies investigated and reported their own wrongdoing. In return, the government could enter into agreements to delay or cancel the prosecution if the companies promised to change their behavior.

much, much more at:

http://www.nytimes.com/2011/07/08/business/in-shift-federal-prosecutors-are-lenient-as-companies-break-the-law.html?_r=3&pagewanted=1&ref=business

Steal and lose billions and billions, blow up the world economy and take trillions in tax payer money, no big deal, we'll let you police yourself.

Steal some food from a grocery store 3 times, go to jail for the rest of your life.

Protesting for Justice peacefully but without a permit? That's the absolute least this country should be doing.
HockeyDad Offline
#5 Posted: Tue, Oct 18 2011, 2:16 PM EST
Joined: 09-20-2000
Posts: 46,151
Sounds like President Obama did a great job with this.
FuzzNJ Offline
#6 Posted: Tue, Oct 18 2011, 2:35 PM EST
Joined: 06-28-2006
Posts: 13,000
HockeyDad wrote:
Sounds like President Obama did a great job with this.


Sarcasm noted and agreed. He dropped the ball. He is following the same policies as republicans on this matter, as well as many others. It is the 'conservative' position to drop regulations and allow firms to police themselves, you see it all the time. In the debates, on the floor of congress and in interviews and position papers.

It is why the 'left' has no problem protesting right now. But you can't leave out the Bush administration who started this policy of 'soft' prosecution and the tarp program itself with little to no oversight.
snowwolf777 Offline
#7 Posted: Tue, Oct 18 2011, 3:06 PM EST
Joined: 06-03-2000
Posts: 4,082
So basically these guys did the same thing Fannie Mae and Freddie Mac and BOFA did, on a far, far smaller scale. They just didn't have the Chris Dodd/Barney Frank Cone of Protection.

Maybe these guys should go start a solar panel company.

Eh?
FuzzNJ Offline
#8 Posted: Tue, Oct 18 2011, 3:37 PM EST
Joined: 06-28-2006
Posts: 13,000
snowwolf777 wrote:
So basically these guys did the same thing Fannie Mae and Freddie Mac and BOFA did, on a far, far smaller scale. They just didn't have the Chris Dodd/Barney Frank Cone of Protection.

Maybe these guys should go start a solar panel company.

Eh?


Fannie and Freddie do not originate loans or mortgages, they do buy them though.
snowwolf777 Offline
#9 Posted: Tue, Oct 18 2011, 5:05 PM EST
Joined: 06-03-2000
Posts: 4,082
Hey, Comrade, all them rich bank peoples is crooks. We all know it. Stop with the smoke screens already. Take some X and chill out. The community pot of lentels is almost ready.

Hold still a second while I take a picture of you protesting "the man" with my new I-Phone and post it to my Facebook account. I just gotta grab it out of my Prius. Oh holy hell! Someone broke in and stole my $5,000 computer and satellite radio from my eco-friendly $50,000 hippy mobile! I guess I'll have to call BOFA and have them jack my credit line so I can buy some more stuff. Protestin' the man and banks and Jews is 'spensive!
DadZilla3 Offline
#10 Posted: Tue, Oct 18 2011, 5:10 PM EST
Joined: 01-17-2009
Posts: 4,633
FuzzNJ wrote:
A federal grand jury in San Francisco has charged Ebrahim Shabudin, of Moraga, Calif., and Thomas Yu, of San Ramon, Calif., with conspiracy to commit securities fraud, securities fraud, falsifying corporate books and records, and lying to auditors, United States Attorney Melinda Haag announced.


Let the perp walks begin. Last bankster out of Wall Street, please turn off the lights. ThumpUp


FuzzNJ Offline
#11 Posted: Tue, Oct 18 2011, 5:11 PM EST
Joined: 06-28-2006
Posts: 13,000
snowwolf777 wrote:
Hey, Comrade, all them rich bank peoples is crooks. We all know it. Stop with the smoke screens already. Take some X and chill out. The community pot of lentels is almost ready.

Hold still a second while I take a picture of you protesting "the man" with my new I-Phone and post it to my Facebook account. I just gotta grab it out of my Prius. Oh holy hell! Someone broke in and stole my $5,000 computer and satellite radio from my eco-friendly $50,000 hippy mobile! I guess I'll have to call BOFA and have them jack my credit line so I can buy some more stuff. Protestin' the man and banks and Jews is 'spensive!



Proud of that post are you? It's a real gem.
FuzzNJ Offline
#12 Posted: Tue, Oct 18 2011, 5:11 PM EST
Joined: 06-28-2006
Posts: 13,000
DadZilla3 wrote:
Let the perp walks begin. Last bankster out of Wall Street, please turn off the lights. ThumpUp




Agreed.
wheelrite Offline
#13 Posted: Wed, Oct 19 2011, 6:37 AM EST
Joined: 11-01-2006
Posts: 50,119
Maybe all the Clintonistas that made milions at Fannie and Freddie will go to jail too..
Along with Barney Frank and Chris Dodd..
dubleuhb Offline
#14 Posted: Wed, Oct 19 2011, 11:44 AM EST
Joined: 03-20-2011
Posts: 11,350
wheelrite wrote:
Maybe all the Clintonistas that made milions at Fannie and Freddie will go to jail too..
Along with Barney Frank and Chris Dodd..

That might be a dream come true for Barney.
FuzzNJ Offline
#15 Posted: Wed, Oct 19 2011, 3:03 PM EST
Joined: 06-28-2006
Posts: 13,000
dubleuhb wrote:
That might be a dream come true for Barney.


I am literally rolling on the floor laughing and holding my sides because they hurt from laughing so hard. Wow. A gay rape in prison joke? Rape jokes are just so damn funny! You sir should quit your job and start a stand up career. You could make enough money to become at least a 5%'r.
HockeyDad Offline
#16 Posted: Wed, Oct 19 2011, 3:06 PM EST
Joined: 09-20-2000
Posts: 46,151
Gay Rape Joke Outrage!

DEFCON RAINBOW!
DrMaddVibe Offline
#17 Posted: Wed, Oct 19 2011, 3:17 PM EST
Joined: 10-21-2000
Posts: 55,469
If the Kenyan King's "Jobs" bill isn't passed there's gonna be a whole lot o' rapin' goin' on.

Lot's o' rapes.

Slow Joe even says so too!

Har-dee-har-har...what a knee slapper...who knew rape was so damn funny?Frying pan
MACS Offline
#18 Posted: Wed, Oct 19 2011, 7:14 PM EST
Joined: 02-26-2004
Posts: 79,804
White collar criminals go to federal prison "camps". The word camps is in quotes because it tells you how tough THAT time is going to be... just like camp.

Put the ****kers in with the general population and watch their contemporaries change the way they do bidness.
chiefburg Offline
#19 Posted: Wed, Oct 19 2011, 7:51 PM EST
Joined: 01-31-2005
Posts: 7,384
What MACS said.....they have a Federal Prison at Saufley Field in Pensacola and it isn't hard time by any stretch of the imagination. Send them to regular prison and let them experience what.prison time is really like. In fact, I'll buy their first wedding dress in prison so they look good when Bruno comes a calling at shower time.....
FuzzNJ Offline
#20 Posted: Wed, Oct 19 2011, 8:02 PM EST
Joined: 06-28-2006
Posts: 13,000
chiefburg wrote:
What MACS said.....they have a Federal Prison at Saufley Field in Pensacola and it isn't hard time by any stretch of the imagination. Send them to regular prison and let them experience what.prison time is really like. In fact, I'll buy their first wedding dress in prison so they look good when Bruno comes a calling at shower time.....


I agree with the second sentence, the third, not so much.
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