Grand Jury Indicts Banker, Jeweler in a $1.3-Million Fraud Scheme

A federal grand jury has indicted a bank executive and a jewelry store owner in connection with a $1.3-million scheme that allegedly defrauded Trans American National Bank of Monterey Park and the Bank of Trade of San Francisco.

Ronald Fook Tao Wong, 43, and Siu Chun Wong, 44, were charged Friday with engaging in a scheme to defraud the banks by submitting false documentation for loans obtained by “straw borrowers,” borrowers in name only. Both men are believed to be living in Hong Kong, according to the U.S. attorney’s office.

Ronald Wong, who had been president of the Bank of Trade during the time that he is suspected of fraud, is charged with issuing false certificates of deposits and standby letters of credit from the Bank of Trade to secure loans from Trans American National Bank from July, 1982, to December, 1983, the indictment said.

If convicted, Ronald Wong could face up to 45 years in federal prison and a $53,000 fine. Siu Chun Wong, who owned a Monterrey Park jewelry business, could face 21 years in federal prison and a $31,000 fine, the U.S. attorney’s office said.