Ken Yiu, Mortgage Fraud and Marijuana Grow House, Maine 2025

A New York man has been brought to justice after admitting to using a Maine property to grow and distribute marijuana while lying about his intentions to obtain an $80,000 mortgage loan.

Ken Yiu, 49, of New York City, pleaded guilty in U.S. District Court in Bangor, Maine, to submitting a false mortgage loan application and maintaining a marijuana-involved premises.

According to court records, Yiu purchased a house in Saint Albans using the mortgage loan he obtained from a Maine bank. However, he answered "Yes" to the question, "Do you intend to occupy the property as your primary residence?" when in reality he never intended to occupy the property.

Instead, Yiu used the property to grow and distribute marijuana from September 2020 through January 2024. He admitted to selling marijuana to buyers in Massachusetts during an interview with federal law enforcement agents in December 2024.

A federal search warrant for the property was executed in January 2025, confirming that Yiu had been using the property to grow and distribute marijuana. Neither Yiu nor his property was licensed through the Maine Office of Cannabis Policy.

Yiu faces up to 30 years in prison and a maximum fine of $1 million for the mortgage fraud count and 20 years in prison and a maximum fine of $500,000 for the drug count. He will be sentenced after the completion of a presentence investigative report by the U.S. Probation Office.

The FBI, U.S. Drug Enforcement Administration, Homeland Security Investigations, and IRS Criminal Investigation investigated the case.

Yiu's actions demonstrate a blatant disregard for the law and a willingness to engage in deceitful behavior. His guilty plea is a testament to the hard work of law enforcement agencies in holding individuals accountable for their crimes.

Source: https://www.justice.gov/usao-me/pr/new-york-man-pleads-guilty-mortgage-fraud-and-maintaining-illegal-marijuana-grow-house