Bitty Yu, Wire Fraud, California 2018

San Francisco – A Pacifica resident has been sentenced to two years in prison for her role in a multi-million dollar wire fraud scheme that targeted an elderly couple in San Mateo, according to authorities.

Bitty Yu, 69, pleaded guilty to the wire fraud charge in March 2018 and was sentenced by the Honorable Richard Seeborg, United States District Judge. The sentence was handed down on October 9, 2018.

Yu and her co-conspirators convinced the elderly couple that they were investing in a real estate project, with the promise of a $195 million return in commissions. However, the project was a scam, and Yu and her co-conspirators used the couple’s money for personal expenses, including mortgage payments, credit card payments, automobile purchases, and federal and state income tax payments.

The couple invested over $4 million in the fake project, with Yu receiving over $1 million for her role in the scheme. The scheme lasted from January 2013 to April 2017, with Yu and her co-conspirators making false statements to the couple on multiple occasions to keep them invested.

Yu was charged by information on January 31, 2018, with a single count of wire fraud, in violation of 18 U.S.C. § 1343. She pleaded guilty to the charge as part of her plea agreement.

In addition to the prison term, Judge Seeborg also sentenced Yu to a three-year period of supervised release and ordered her to pay $1,000,000 in restitution.

The case was prosecuted by Assistant U.S. Attorney Chinhayi Cadet, with the assistance of Bridget Kilkenny. The prosecution was the result of an investigation by the FBI.

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