Man Pleads Guilty to $9-Million Loan Fraud
A 49-year-old La Canada man pleaded guilty Tuesday to charges that he fraudulently obtained $9 million in loans from the Small Business Administration for Korean Americans after the 1992 riots, federal authorities said.
Kenneth Seychong Park brokered more than two dozen fraudulent loans through his Pasadena office between 1987 and 1992, with a sizable chunk obtained after the riots, Assistant U.S. Atty. Nathan Hochman said.
Park used false financial information and documents to secure the loans, which he laundered through his company by claiming he sold equipment to businesses, Hochman said.
The case is the result of a four-year SBA investigation. Park is scheduled to be sentenced before U.S. District Court Judge William J. Rea on Nov. 18. His plea allows authorities to seize the proceeds of his crimes, Hochman said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
