Trial opens for former lending firm operator
The former head of the Student Finance Corp. used money from the company to shower his mistress with money and gifts and to pay off gambling debts, then lied about the expenditures in a bankruptcy proceeding, prosecutors said Monday.
Andrew N. Yao, 45, of Bryn Mawr, Pa., is charged with two counts of bankruptcy fraud.
Defense attorney Brian McMonagle acknowledged in his opening statement that Yao lied in a 2003 deposition, but that he was simply trying to cover up an extramarital affair with Alexandra “Lexie” Karlsen Wolfe, who had appeared as a centerfold in Playboy and Penthouse magazines. She is to testify today.
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